Question: Explain a typical control preventing, or detecting and correcting, duplicate payment of a vendors invoice in a purchasing system.

Explain a typical control preventing, or detecting and correcting, duplicate payment of a vendor’s invoice in a purchasing system.

Step by Step Solution

★★★★★

3.46 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Reliance should beon IT application controls to flag potential missta... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Principles of Auditing Questions!

Q:

Explain a typical control preventing, or detecting and correcting, payments to a fictitious vendor.

Q:

Explain a typical control preventing, or detecting and correcting, payments to a fictitious employee.

Q:

Data editing deals with detecting and correcting illogical, inconsistent, or illegal data in the information returned by the participants of the study. Explain the difference between illogical,...

Q:

Please someone help me here its my last question I can post and I really need answer for these questions please help me answer them all Question 1 ( 10 Points R 12.2: Explain how the risk of material...

Q:

R12.3: What are the greatest inherent risks in the purchasing process? Explain the assertions that are at risk and the underlying drivers causing an increase in inherent risk. Use the editor to...

Q:

Question 1 10 Poin R 12.2: Explain how the risk of material misstatement in the purchasing process is different for a hotel than it is for a manufacturer of gas and oil field equipment. Use the...

Q:

Explain a typical control preventing, or detecting and correcting, duplicate payment of a vendor's invoice in a purchasing system.

Q:

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

Q:

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

Q:

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

Q:

Fibre Technologies manufactures fiberglass housings for portable generators. One part of a housing is a metal latch. Currently, the company produces the 120,000 metal latch units required annually....

Q:

a. What is the relative frequency interpretation of the correctness of a confidence interval? b. What is the lifetime track record interpretation of the correctness of many confidence intervals?

Q:

Sofia is looking for patterns in the division questions. She has come up with two ideas. Are Sofias ideas correct? Explain your answers. Look back at the questions you have done in this exercise to...

Q:

Define accounting. Who are the major users of accounting information?

Q:

According to Sarbanes Oxley, at least one audit committee member should be financial expert. Discuss some criteria that should be met.

Q:

An auditor issued an unqualified opinion on financial statements that failed to disclose that a significant portion of the accounts receivable was uncollectible. The auditor also failed to follow...

Q:

You have been assigned to the audit of Marathon Oil Company and will observe the testing of inventory at a major storage area in Ohio. The company has approximately 15 different types of fuel oils...

Q:

Dennis wants to determine if the discount rate really makes any difference in the net present value of a project. He feels that if a project is acceptable at one rate of return, it will be acceptable...

Q:

i have the answer , just need a detailed explanation how they got it. If a person earns $3,000 per month and 25% can be used for PITI; What is the maximum price house that person can afford if the...

Q:

"Analysis of Financial Statements" Please respond to the following: * From the e-Activity, determine why it is sometimes misleading to compare a companys financial ratios with those of other firms...