Author Question: Anong Mali is the purchasing manager at Wattana Technologies. She has responsibility for reviewing ... (Read 74 times)

ss2343 · **on:** Apr 8, 2019

Question 1

What control should be put in place that assigns responsibility for EFT payments made to vendors?
◦ Encrypt all EFT transmissions.
◦ Time stamp all EFT transactions.
◦ Establish a control group to monitor EFT transactions for validity and accuracy.
◦ Number all EFT transactions.

Question 2

Anong Mali is the purchasing manager at Wattana Technologies. She has responsibility for reviewing and authorizing purchase orders. She also reviews receiving reports, approves or corrects them, and authorizes the cashier to pay vendor invoices. Which of the following would correct control weaknesses related to these activities?
◦ Controls are adequate under the current system.
◦ Vendor invoices should be reviewed by accounts receivable and then cancelled when paid.
◦ Vendor invoices should be reviewed by the purchasing manager to ensure that they are correct.
◦ Accounts payable should reconcile purchase orders, receiving reports, and invoices.

amynguyen1221 · **Reply #1 on:** Apr 8, 2019

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