Discuss two instances relating to a lack of segregation

Reference no: EM132733433

A recent review of Bright Buttons Pty Ltd accounting system revealed the following procedures:

The accounts payable clerk prepares the cash payment vouchers, which are approved by the chief financial officer and then posted to the ledger by the accounts payable clerk.
The sales clerk prepares invoices for customers, which are approved by credit clerk only after supporting documents verifying orders and amounts have been provided.
Mail is received by the receptionist, who forwards cheques received to the accounts receivable clerk to process.
Banking is performed by a junior accountant on a daily basis.
Bank statements are reconciled by the accounts payable clerk.

Problem 1: Identify and discuss two (2) instances in the above scenario relating to a lack of segregation of duties

Reference no: EM132733433

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