Question

The following list identifies several important control features. For each control, (1) describe its purpose and (2) explain how it could be best implemented in an integrated ERP system.
a. Cancellation of the voucher package by the cashier after signing the check.
b. Separation of duties of approving invoices for payment and signing checks.
c. Prenumbering and periodically accounting for all purchase orders.
d. Periodic physical count of inventory.
e. Requiring two signatures on checks for large amounts.
f. Requiring that a copy of the receiving report be routed through the inventory stores department prior to going to accounts payable.
g. Requiring a regular reconciliation of the bank account by someone other than the person responsible for writing checks.
h. Maintaining an approved supplier list and checking that all purchase orders are issued only to suppliers on that list.



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  • CreatedDecember 19, 2014
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