Match threats in the first column to appropriate control procedures in the second column. Threat 1. Failing
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Match threats in the first column to appropriate control procedures in the second column.
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Threat 1. Failing to take available purchase discounts 2. Receiving unordered goods 3. Recording and posting errors in accounts payable 4. Paying for goods not received 5. Accidental loss or deletion of data 6. Kickbacks 7. Requesting unnecessary items 8. Making errors in counting 9. Stealing inventory 10. Purchasing goods of inferior quality 11. Preventing stockouts and/or excess inventory 12. Paying the same invoice twice 13. Purchasing goods at inflated prices 14. Misappropriating cash, checks, or EFTs 15. Purchasing goods from unauthorized suppliers Control Procedure a. Accept only deliveries for which there is an approved purchase order. b. Document all transfers of inventory with the company. c. Periodically review lists of approved vendors for unapproved changes. d. File invoices by due date. e. Compare total invoice amount processed to the difference in vendor account balances before and after check processing. f. Train employees on how to properly deal with unsolicited gifts. g. Maintain price lists for frequently purchased items and use competitive bids for specialized orders. h. Install a perpetual inventory system that uses bar-code technology. i. Hold purchasing managers responsible for the costs of scrap and rework. j. Require receiving clerks to sign a receiving report. k. Design an AIS that integrates databases from various subunits. 1. Invoices should be paid only when accompanied by a purchase order and receiving report. m. Compare quantities on invoice to quantities received into inventory. n. Employ proper segregation of duties. o. Use external and internal data labels. p. Cancel all supporting documents when checks are issued.
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