Question: Why is it a control weakness if the same employee
Why is it a control weakness if the same employee can authorize inventory transfers and record accounts receivable entries? Is it easier to send the cash and cheques to the accountants so that they can enter accurately the credits to customers’ accounts?
Answer to relevant QuestionsWhat accounting records and files could an auditor examine to find evidence of unrecorded sales, inadequate credit checks, and incorrect product unit prices?In the Audit 11.1 case, name one bank reconciliation control procedure that could have revealed signs of embezzlement.During the audit of the December 31, 20X5, financial statements, the auditor identifies cash amounts received subsequent to December 31, 20X5, and traces these amounts to the cash account in the general ledger and to the ...The Patrick Company had poor internal control over its cash transactions. Facts about its cash position at November 30 were the following:The cash books showed a balance of $18,901.62, which included un-deposited receipts. A ...What assertion is affected if duplicate payments are made from the same supporting documents? How can this type of error be prevented?
Post your question