the clerk who open the mail routinely steals remittances. describe a specific internal control procedure that...
Homework Answers
Dear sir/madam
As the clerk opens the mail routinely steals remittances,
To prevent this following control procedures to be implimented to prevent or detect this fraud:
Email security options relating to internal control are available such as
- Strong Passwords
- Rotation of passwords between regular intervals
- Two step verifications
- Security Questions before login through
- Using secure email services
- Mobile reminders regarding login details with time and place
- The remittances should be encrypted before sending through emails such that only the intended person can open and decrypt the remittance
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the clerk who open the mail routinely steals remittances.
describe a specific internal control procedure that...
2. State two specific functions or jobs that should be segregated in the sales processing system....
2. State two specific functions or jobs that should be segregated in the sales processing system. 3. State two specific functions or jobs that should be segregated in the cash receipts system. 4. For the revenue cycle, state two specific independent verifications that should be performed. What task can the accounts receivable department engage in to verify that all checks sent by the customers have been appropriately deposited and recorded? 6. What specific internal control procedure would prevent the sale...
A clerk embezzles customer payments on account and covers up the theft by making an adjustment...
A clerk embezzles customer payments on account and covers up the theft by making an adjustment to the accounts receivable ledger. Describe a specific internal control procedure that would prevent this fraud.
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what specific internal control procedure would prevent the sale of goods on account to a fictitious customer ?
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Refer to the system flowchart and identify the internal control risks represented in it: Mail Room...
Refer to the system flowchart
and identify the internal control risks represented in it:
Mail Room Clerk 1 Mail Room Clerk 2 Accounts Receivable Department Remittance Advice Check Remittance Advice Check Check Remittance List Remittance Advice AR Sub Ledger Open Mail and Reconcile Remit advice and Check Prepare Remittance List Distribute RA and Checks Reconcile, Record in Journal, and Accounts, Deposit Cash Cash Receipts Journal Remittance Advice Check Remittance List AR Control GL Cash Check Remittance List Remittance Advice Deposit...
Which of the following is an internal control for checks received through the mail? Multiple Choice...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts 1. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 2. One employee with many years of experience is solely in charge of opening cash receipts received by mail. 3. All sales transactions, even those for less than $1, are recorded on a cash register. 4. Two employees are tasked with opening mail that contains...
a customer payment of $247 was correctly posted in general ledger but was recorded as $274...
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Pick one of the following and describe a control procedure. Basically, each one has more than one control that can be implemented. What internal control procedure(s) would provide protection against the following threats? Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system Making a credit sale to a customer...
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2. State two specific functions or jobs that should be segregated in the sales processing system. 3. State two specific functions or jobs that should be segregated in the cash receipts system. 4. For the revenue cycle, state two specific independent verifications that should be performed. What task can the accounts receivable department engage in to verify that all checks sent by the customers have been appropriately deposited and recorded? 6. What specific internal control procedure would prevent the sale...
Refer to the system flowchart
and identify the internal control risks represented in it:
Mail Room Clerk 1 Mail Room Clerk 2 Accounts Receivable Department Remittance Advice Check Remittance Advice Check Check Remittance List Remittance Advice AR Sub Ledger Open Mail and Reconcile Remit advice and Check Prepare Remittance List Distribute RA and Checks Reconcile, Record in Journal, and Accounts, Deposit Cash Cash Receipts Journal Remittance Advice Check Remittance List AR Control GL Cash Check Remittance List Remittance Advice Deposit...
Which of the following is an internal control for checks received through the mail? Multiple Choice ) The accounting department counts the cash, prepares the deposit slip and deposits the cash in the bank. O The mai es gives che The mail clerk gives checks to the person who makes the bank deposit. The accounting department register with the cash count sheet. The Cashier prepares a journal quantity sold, and cash received. Comparing the cash in the register with the...
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts 1. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 2. One employee with many years of experience is solely in charge of opening cash receipts received by mail. 3. All sales transactions, even those for less than $1, are recorded on a cash register. 4. Two employees are tasked with opening mail that contains...
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