Identify which internal control concept is being violated and explain how this may cause an opportunity for
Question:
Identify which internal control concept is being violated and explain how this may cause an opportunity for fraud to occur within a business:
1. The supervisor for the purchasing department has not taken a vacation in three years.
2. Inventory Is left in a receiving area at the back of the store by an open door.
3. The purchasing supervisor has the authority to order a purchase and also to receive the merchandise, record its receipt, and authorize the accounting department to issue a check.
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1This is a personnel policy control violation The supervis...View the full answer
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Related Book For
Financial & Managerial Accounting For Undergraduates
ISBN: 9781618533104
2nd Edition
Authors: Jason Wallace, James Nelson, Karen Christensen, Theodore Hobson, Scott L. Matthews
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