employee to conceal errors or perpetrate fraud in the normal course of his or her duties.Forexample,if one person executes a sale,that person should not record the transaction,handle thecash receipt,have authority for or access to cash receipts records,and reconcile the bank account.Due to ...
employee to conceal errors or perpetrate fraud in the normal course of his or her duties.Forexample,if one person executes a sale,that person should not record the transaction,handle thecash receipt,have authority for or access to cash receipts records,and reconcile the bank account....
Proper segregation of duties reduces the opportunities to allow any employee to be in a position to both: a. Journalize cash receipts and disbursements and prepare the financial statements. b. Adopt new accounting pronouncements and authorize the recording of transactions. c. Monitor internal controls...
Evidence concerning the proper segregation of duties for receiving and depositing cash receipts ordinarily is obtained by: a. Completing an internal control questionnaire that describes the control activities. b. Preparing a flow chart of the duties performed and the entity's available personnel. c....
Proper segregation of duties reduces the opportunities to allow any employee to be in a position to bothA. Monitor internal control and evaluate whether the controls are operating as intended. B. Journalize cash receipts and disbursements and prepare financial statements. C. Adopt new accounting pro...
Proper segregation of duties reduces the opportunities to allow persons to be in positions both to A. Journalize entries and prepare financial statements. B. Record cash receipts and cash disbursements. C. Establish internal control and authorize transactions. D. Perpetrate and conceal errors and fra...
The county clerk's office was small, had little or no segregation of duties, and had lax internal controls. This combination allowed Graham to easily void receipts and keep cash fees paid by customers. In some cases, Graham would write receipts for customers...
Proper segregation of duties reduces the opportunities for persons to be in positions to both A. Journalize entries and prepare financial statements. B. Record cash receipts and cash disbursements. C. Establish internal control and authorize transactions. D. Perpetrate and conceal errors or fraud. ...
These duties should be performed by separate individuals to reduce the opportunities for any person to be in a position of both perpetrating and concealing errors or fraud in the normal course of his/her duties. For instance, an employee who receives and lists cash receipts should not be ...