Question: What internal control procedures would be most effective in preventing the following errors or fraudulent acts? A) A retired employee was not removed as current

What internal control procedures would be most effective in preventing the following errors or fraudulent acts?

A) A retired employee was not removed as current employee from the payroll master file. The retired employees payment method was changed to EFT and the banking details updated to reflect that of a payroll clerks friend

B) The cashier signed a second payroll Chequers to be paid from the organizations regular bank account for a friend in debt

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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 Accounting Questions!