Question

The four questions below are taken from an internal control questionnaire. For each question, state (i) one control test you could use to find out whether the control technique was really used, and (ii) what error could occur if the question were answered “no,” or if you found the control was not effective.
1. Are blank (sales) invoices available only to authorized personnel?
2. Are (sales) invoices checked for the accuracy of quantities billed? Prices used? Mathematical calculations?
3. Are the duties of the accounts receivable bookkeeper separate from any cash functions?
4. Are customer accounts regularly balanced with the control account?



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  • CreatedJanuary 09, 2015
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