Match the threats in the left column to appropriate control procedures in the right column. More than
Question:
Match the threats in the left column to appropriate control procedures in the right column. More than one control may be applicable.
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- - - Threat 1. Failing to take available purchase discounts for prompt payment 2. Recording and posting errors in accounts payable 3. Paying for items not received 4. Kickbacks 5. Theft of inventory 6. Paying the same invoice twice Control Procedure a. Accept only deliveries for which an approved purchase order exists. b. Document all transfers of inventory. c. Restrict physical access to inventory. d. File invoices by due date.. e. Maintain a cash budget. f. Conduct an automated comparison of total change in cash to total changes in accounts payable.
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Related Book For
Accounting Information Systems
ISBN: 9781292060521
13th Global Edition
Authors: Marshall B. Romney, Paul John Steinbart
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