Which of the following situations indicates a potential material weakness in internal control over acquisition and...

 

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Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure? (a) The same person signs checks and stamps vouchers "PAID". (b) Voucher packages are authorized and checks are signed by the same person. Purchase orders are not prepared for services acquired directly under authorization of department heads. Unacceptable goods are not scheduled on receiving reports. (ce) (d) Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure? (a) The same person signs checks and stamps vouchers "PAID". (b) Voucher packages are authorized and checks are signed by the same person. Purchase orders are not prepared for services acquired directly under authorization of department heads. Unacceptable goods are not scheduled on receiving reports. (ce) (d)

Answer rating: 100% (QA)

Answer The same person authorizes voucher packages and signs checks Explanation The main elements o... View the full answer