Many companies have mandatory vacation and periodic job rotation policies. Discuss how these practices can be useful in strengthening internal controls.
Answer to relevant QuestionsWhat does it mean when information flows “down, across, and up the organization”?Identify whether each of the following accounting positions or duties involves authorization, recording, or custody:• Cashier• Payroll processor• Credit manager• Mailroom clerk• Data entry clerk• Deliver ...Distinguish between internal and external sources of computer fraud. Identify the steps involved in risk assessment. Do you think it would be effective for an organization to hire external consultants to develop its risk assessment plan? Is it necessary to have both general controls and application controls to have a strong system of internal controls?
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