Why should a list of cash remittances be made and sent to the accounting department? Wouldn’t it be easier to send the cash and checks to the accountants so they can enter the credits to customers’ accounts accurately?
Answer to relevant QuestionsWhat is lapping? What procedures can auditors employ to detect lapping?How does a schedule of interbank transfers show improper cash transfer transactions?Which of the following is least indicative of fraudulent activity? a. Numerous cash refunds have been made to different people at the same post office box address. b. Internal auditors cannot locate several credit memos to ...Upon receipt of customers’ checks in the mail room, a responsible employee should prepare a remittance list that is forwarded to the cashier. A copy of the list should be sent to the a. Internal auditor to investigate the ...In what way can audit procedures be modified to address assessed fraud risks? a. Obtain more reliable information. b. Perform procedures close to year- end. c. Apply computer- assisted techniques to all items. d. All of ...
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