How does the maintenance of a receiving log enhance internal controls?
Answer to relevant QuestionsUnder what circumstances would it be necessary to manually update accounts payable prior to the receipt of a vendor’s invoice? Explain how system logic errors could cause cash management problems. Explain why the availability of computer systems in the receiving department is such an important component of an automated expenditures process. Identify an internal control procedure that would reduce the following risks in a manual system:a. The purchasing department may not be notified when goods need to be purchased.b. Accounts payable may not be updated for ...You are an accounts payable clerk for a small home improvements contractor. Speculate on the type of fraud that could be in process here. What (if anything) could you do to ascertain the propriety of the transaction and ...
Post your question