1. The person with primary responsibility for reconciling the bank account and making all bank deposits is also the company’s accountant.

2. Canele Company’s treasurer received an award for distinguished service because he had not taken a vacation in 30 years.

3. In order to save money spent on order slips and to reduce time spent keeping track of order slips, a local restaurant does not buy pre-numbered order slips.

Required: 

Explain which control activity is violated and how the situation creates an opportunity for fraud.

Answer rating: 100% (QA)

Solution 1 Segregation of duties control activity is violated in this situation The major defense ag... View the full answer