Business rules implement internal controls. Review Table 6.1 and describe which business rules implement segregation of duties.
Question:
TABLE 6.1
Using Business Rules to Implement Internal Controls
Transcribed Image Text:
Partner Authority/ Process Application Controls Steps Intention Action Access Controls Partner preparing purchase orders cannot modify product inventory records, receive items, or pay suppliers. Place Order Order products from reliable suppliers at the best available prices to meet required delivery Manager approval required for orders >$5,000; partner System must provide purchase order number control, default values, and range and limit checks and must create ordering products must not manage inventory. time. an audit trail. Receive Record receipt of items promptly and accurately. Partner receiving items Partner receiving items cannot modify purchase orders or inventory records; they cannot view purchase order quantity System must only allow partner to enter the number of items received, Items must not be same partner who ordered the items. subject to range and limit checks on quantities received; date of receipt ordered information. defaults to current date. Assess Items Reject defective items; Partner assessing items Partner assessing items cannot modify purchase System must only allow partner to record the record acceptance must not be same partner promptly and accurately. who ordered the items. assessment; date of assessment defaults to orders or inventory records. current date. Place in Place accepted items in proper inventory locations promptly. Partner placing the items Partner placing items in inventory cannot modify purchase orders. System must specify Inventory where items are to be in inventory must not be same partner who ordered the items. placed. Return defective items to suppliers promptly. Send Items Manager approval required for defective Partner returning items cannot modify supplier System must supply supplier return address. Back information. items return. Pay Supplier Pay suppliers accurately, taking cost-effective Partner making payment Partner making payments cannot modify purchase System must supply supplier payment must not be partner who ordered items or discount terms. orders and receipt/ information and amount of payment; payment date defaults to current date. acceptance records. received/ accepted items.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Business rules for Place Order Receive Items Assess Items Place in Inv...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Information Systems
ISBN: 978-1260153156
2nd edition
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
Question Posted:
Students also viewed these Business questions
-
Business rules implement internal controls. Review Table 7.1 and classify each of those business rules listed as access controls as obligatory, prohibited, or allowed, as described in Chapter 2....
-
1. Which of the following is not an activity within the sales and collection process? a. Selling products and services b. Billing customers c. Managing inventory d. Recording payments from customers...
-
The Sarbanes- Oxley Act was passed by the U. S. Congress in 2002, following financial reporting disasters of Enron Corp. and WorldCom Inc. (Section 1.2). Section 404 of the Act required that senior...
-
Describe the three ways a client can reference a name from a namespace in C++.
-
Analysis of daily output of a factory shows that, on average, the number of units per hour y Produced after t hours of production is (a) Find the critical values of this function. (b) Which critical...
-
One of the original structures proposed for DNA had all the phosphate groups positioned at the center of a long fiber. Give a reason why this proposal was rejected.
-
What can organizations do to prevent and manage workplace stress? How can individuals manage their own stress? What specific changes can they make? LO5
-
Johson Corporation issued bonds twice during 2010. The transactions were as follows: 2010 Jan 1Issued $1,000,000 of 7.5 percent, 10-year bonds dated January 1, 2010, with interest payable on June 30...
-
Crane Clothing produces men's athletic socks. The following budgeted and actual amounts are for 2022: Cost Direct materials Direct labor Equipment depreciation Indirect labor Indirect materials Rent...
-
You will need to adapt the configuration on both Newton and Einstein and configure the Heisenberg and Schrodinger switches to complete this task. You will need to VLSM the network, to ensure that...
-
Walmart uses a vendor-managed inventory system, where the inventory is owned and managed by the vendor until it is delivered from Walmarts distribution center to the stores. What implications does...
-
1. Which of the following is not an activity in the purchases and payments process? a. Request prices b. Receive items c. Pay for items d. Bill customers e. All of the above are activities in the...
-
Mario's Grocery began operations on December 1, 2018. and has a year-end of December 30. On December 1, the owners invested $50,000 (the par value of the stock) in return for 5,000 shares of common...
-
Solve for "C" and "E": 1) E cos (15)-C=0 2) -300+ C+E sin (15) = 0
-
Let u=3, b. Compute uv, uv, 2-3 v =
-
Using Complex Numbers show that d cosz=-sinz dz
-
use for loops to solve the following problems 1. Write a complete C++ program that does the following. It asks the user to enter their age (which is assumed to be a positive integer). The program...
-
Profile Vickers hardness test Penetrating body: Square diamond pyramid :Test force F N ... 981 N (HV 5 ... HV 100) 49 :Measured value Diagonals of the square impression d Hardness value: F 0,189 F...
-
Can you think of any other technologies that employ sensor fusion, cameras, and computer vision?
-
Use Stokes' Theorem to evaluate f(y+sin x) dx+(z+cos y) dy+rdz, where C is the rve r(t) = (sint, cost, sin 2t), t = [0, 2].
-
Over the past decade, The RETAIL Cooperative (TRC) successfully acquired a number of smaller retailers. These strategic acquisitions enabled TRC to grow significantly. In fact, TRC is now one of the...
-
Linda Stanley is the Vice President for Computing and Information Services at State University (SU), a large, urban university that has experienced a 3% growth in enrollments every year for more than...
-
Springsteen, Inc. is a large furniture manufacturer, located in Asbury Park, New Jersey. They sell to furniture wholesalers across the United States and internationally. Revenues last year exceeded...
-
You would like to have a balance of $600,000 at the end of 15 years from monthly savings of $900. If your returns are compounded monthly, what is the APR you need to meet your goal?
-
Explain the importance of covariance and correlation between assets and understanding the expected value, variance, and standard deviation of a random variable and of returns on a portfolio.
-
On August 1 , 2 0 2 3 , Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations: Aug. 1 Purchased...
Study smarter with the SolutionInn App