An employee in the purchasing department has the authority to approve vendor invoices, create purchase orders,...
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An employee in the purchasing department has the authority to approve vendor invoices, create purchase orders, and issue payments. Discuss the potential fraud risks associated with this situation and propose control activities to prevent and detect fraudulent activities. Asset Safeguarding: Scenario: A company stores its inventory in an open warehouse accessible to all employees. Discuss the risks associated with the lack of physical security for inventory and propose control activities to safeguard the company's assets. An employee in the purchasing department has the authority to approve vendor invoices, create purchase orders, and issue payments. Discuss the potential fraud risks associated with this situation and propose control activities to prevent and detect fraudulent activities. Asset Safeguarding: Scenario: A company stores its inventory in an open warehouse accessible to all employees. Discuss the risks associated with the lack of physical security for inventory and propose control activities to safeguard the company's assets.
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Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
Posted Date:
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