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What audit procedures might detect the theft

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Reference no: EM132873598

Caroline is the assistant controller of Pandemic Inc. As a result of a recent expansion, the controller has been very busy and delegated the signing authority for cheques to Caroline.

The cash accountant would be leaving on maternity leave. Caroline was asked to perform the bank reconciliation until they found someone to replace the cash accountant.

Caroline is a qualified accountant and has been able to handle all these additional tasks. She took the opportunity to ask her boss for a raise to compensate her for the additional responsibilities that she currently has. Her boss indicated that this was only temporary, and the company could not afford a raise in compensation for now.

Caroline created a vendor in the system with her home address. She has been paying this vendor $2,000 for the past 3 months as a means of compensating herself. This theft has yet to be discovered by Pandemic.

Required:

Problem A) What internal controls are missing that enable the theft to occur?

Problem B) What audit procedures might detect the theft?

Reference no: EM132873598

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