Internal controls that are likely to prevent the client from ...

[vowens]

Question 1

For effective internal control purposes, the accounts payable department generally should
◦ approve the purchase order.
◦ have the authority to sign the checks.
◦ establish the agreement of the vendor's invoice with the receiving report and purchase order.
◦ supervise the preparation of the receiving report.

Question 2

Internal controls that are likely to prevent the client from including as a business expense those transactions that primarily benefit management or other employees rather that the entity being audited satisfy the control objective that
◦ acquisitions are correctly valued.
◦ existing acquisitions are recorded.
◦ acquisitions are correctly classified.
◦ recorded acquisitions are for goods and services received.

[rika06@comcast.net]

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[vowens]

Excellent

[amcvicar]

Thanks for the timely response, appreciate it