Ed's wife Diane owns a printing business in town. Ed works in the accounts payable department of
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Ed's wife Diane owns a printing business in town. Ed works in the accounts payable department of Jiffy Abs Vitamin Company. Diane prints invoices for work supposedly done for Jiffy Abs (no actual work was performed) and Ed places the invoice in the approved for payment invoice pile. Jiffy Abs pays these invoices and sends Diane a check.
1) Name two internal controls that might prevent or detect these fraudulent payments.
2) Name two audit procedures that might detect this fraud.
Related Book For
Taxation for Decision Makers 2014
ISBN: 9781118654545
6th edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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