You just started working in the Accounts Payable department at an automobile manufacturing company and are in
Fantastic news! We've Found the answer you've been seeking!
Question:
You just started working in the Accounts Payable department at an automobile manufacturing company and are in charge of the weekly check runs and deposits. You use normal check stock and print all checks through the ERP system. After printing, each check is mailed out to the respective vendor. You notice that all checks use blank print stock instead of pre-numbered checks. Further, you notice that the case of 500 checks is lighter than the other cases and appears to have lost several bundles of checks.
- Questions
- What is the main issue occurring in this scenario?
- What internal controls should be implemented?
- Who are the main perpetrators in such a scheme?
- If you were the CFO of the department, what changes would you implement?
Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
Posted Date: