Procedures or requirements for the expenditure cycle

Reference no: EM13324612

Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement that would be prevented or detected by its use.
a. Duties segregated between the cash payments and cash receipts functions.
b. Signatures plates kept under lock and key.
c. The accounting department matches invoices to receiving reports or special authorizations before payment.
d. All checks mailed by someone other than the person preparing the payment vouchers.
e. The accounting department matches invoices to copies of purchase orders.
f. Keep the blank stock of checks under lock and key.
g. Use imprest accounts for payroll
h. Bank reconciliations performed by someone other than the one who writes the checks and handles cash.
i. Use a check protector.
j. Periodically conduct surprise counts of cash funds.
k. Orders placed with approved vendors only.
l. All purchases made by the purchasing department.

Reference no: EM13324612

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