Provide a brief description of the transaction cycle. The key internal control and/or operational risks, are summarized below:  

Risk 

Existing Control Processes 

Control Risk Value 

Operational Risk 

Cash misappropriation: Inappropriate management of cash could result in disciplinary action and/or legal implications to staff and loss of revenue for the University.

Cash handling policies/procedures in place, limited access to safes and reduced acceptance of cash in SCL units. Safe combinations are changed at the end of every semester in the Cornell Store. We also have a cash in/out function in our NetSuite system used at the store. All shortages are reviewed by the store management. Cash deposits are processed as needed and reviewed. We also record all checks and cash in a log and add the AD edoc number to the log. Cash is always a risk however.

 Moderate

Low

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