Select the two duties and responsibilities that should be separated so that the individual in each...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Select the two duties and responsibilities that should be separated so that the individual in each situation is no longer in the position both to perpetrate and conceal errors or fraud for each of the following lapses in internal control. Each choice may be used once, more than once, or not at all. A. Custody of assets B. Recording of transaction C. Authorization of transaction The customer service department of a large retailer handles returns. A customer brings the item they would like returned to the customer service department who issues a refund in exchange for the returned products. O Authorization of transaction Recording of transaction Custody of assets Select the two duties and responsibilities that should be separated so that the individual in each situation is no longer in the position both to perpetrate and conceal errors or fraud for each of the following lapses in internal control. Each choice may be used once, more than once, or not at all. A. Custody of assets B. Recording of transaction C. Authorization of transaction The customer service department of a large retailer handles returns. A customer brings the item they would like returned to the customer service department who issues a refund in exchange for the returned products. O Authorization of transaction Recording of transaction Custody of assets
Expert Answer:
Answer rating: 100% (QA)
1In the customer service department the customer can return the ... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
Students also viewed these accounting questions
-
Problem 15.31 Block A weighs 10 lb and block B weighs 4 lb. (Figure 1) Figure A (VB) = 3 ft/s 1 of 1 B Part A If B is moving downward with a velocity (VB) = 3 ft/s at t = 0, determine the velocity of...
-
May Department Stores is a large retailer that operates such brands as Hechts, Lord & Taylor, Marshall Fields, and Davids Bridal. May reported the following data (in millions) for fiscal years...
-
Fraud at Wootens city hall. Required: a. Which internal control activity was violated in order for Mr. Peterman to perpetrate this fraud? b. Do you consider this case to be an example of management...
-
Consider a cube that has 5cm length sides. What is the surface area to volume ratio of this cube? Report your answer in cm/cm Report your answer to one decimal place. QUESTION 12 Consider a cube that...
-
The Hearst Corporation publishes the Houston Chronicle, an edition of which included an article headlined "Justice Under Fire." Written by Evan Moore, the article contained pointed criticisms of the...
-
Suppose daily losses (gains) from trading are independent and normally distributed with mean zero. Calculate in terms of the standard deviation of the daily losses (gains) (a) the basic Basel I...
-
Compare Colburn Eq. (16-81d) to the equivalent Kremser Eq. (13-9c), and compare Eq. (16-81e) to \((13-9 b)\). If we relate \(\mathrm{n}_{\mathrm{O}-\mathrm{Ey}}\) to \(\mathrm{N}\) and set...
-
Given the following inventory information, perform an ABCanalysis. ITEM NUMBER UNIT COST (S) ANNUAL USAGE (UNITS) 88867 J1252 K9667 2425 M4554 T6334 W9856 X2215 Y3214 Y6339 6.00 5.25 0.25 1.00 5.50...
-
Question 3 1 pts What is the present value of the following stream of cash flows if the discount rate is 10%? Year 1-6: $300 inflow Years 7-20: $700 inflow (Use the present value tables in your...
-
An aluminum master alloy manufacturer produces grain refiners in ingot form. The company produces the product in four furnaces. Each furnace is known to have its own unique operating characteristics,...
-
3. Explain why the theory of constraints appears to be relevant to managing costs at Pickwick Paper. Besides costs, what other aspects of performance could be improved with better throughput...
-
Justify the necessity for NC machines.
-
How do project management and quality management complement each other? a. Both focus on continuous improvement, management responsibility, customer satisfaction, and prevention over inspection. b....
-
List the advantages of CNC systems over the NC systems.
-
Give the applications and advantages of NC machines.
-
When creating a project management plan, which of the following is the best choice to create it? a. Project manager b. Project manager and team c. Team d. Sponsor
-
Year 1 Expected Volume 48,000 units Expected Price per unit $19 2 48,000 units 20 3 90,000 units 16 4 40,000 units 12
-
Uniform electric field in Figure a uniform electric field is directed out of the page within a circular region of radius R = 3.00 cm. The magnitude of the electric field is given by E = (4.50 x 10-3...
-
Why is an auditor's independence so essential?
-
The following are frequently performed audit procedures for the verification of bonds payable issued in previous years: 1. Analyze the general ledger account for bonds payable, interest expense, and...
-
Multiple Choice Questions The following questions deal with audit risk and evidence. Choose the best response. a. As the acceptable level of detection risk decreases, an auditor may (1) Reduce...
-
If information systems auditors perform a staff function, which of the following aspects of leadership is likely to be most difficult to accomplish? a. Motivating information systems auditors to...
-
Which of the following is least likely to be a purpose of a yearly staff appraisal meeting conducted between an information systems auditor and his/her manager? a. To determine the interpersonal...
-
Which of the following is least likely to be a reason why the career paths available to information systems auditors are often limited? a. Many organizations have only a few information systems audit...
Study smarter with the SolutionInn App