We will discuss internal controls including what they are, why they are useful, and the objectives of internal controls. We will then move to internal controls specific to cash including bank reconciliations.  Bank reconciliations are important controls for both large and small companies. After the double entry accounting system itself, the bank reconciliation is one of the most important internal controls. The bank reconciliation will compare the bank statement to the cash book balance as of a point in time and reconcile the difference between the two. The bank reconciliation process will provide more assurance of the cash account and will provide more assurance over many other accounting processes because most accounting processes include cash. For example, reconciling the bank account provides more assurance over the revenue cycle, purchases cycle, and payroll cycle.  We will also discuss the setting up and recording of a petting cash account, a process that can be more complex then if first seems.  Content Includes:  Internal controls Cash receipts internal controls Cash disbursements internal controls Bank reconciliations Petty cash Accounting cycle Definitions and key terms