The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the accounting records. a. Physical Controls Segregation of Duties Independent Internal Verification Establishment of Responsibility Each month, the assets on hand are compared to the accounting records by an b. internal auditor. Human Resource Controls Documentation Procedures A prenumbered shipping document is prepared for each shipment of goods to C. customers.
The internal control procedures in Valentine Company result in the following provisions Identify the principles of internal control that are being followed in each case. Employees who have physical custody of assets do not have access to the accounting records. a. Physical Controls Segregation of Duties Independent Internal Verification Establishment of Responsibility Each month, the assets on hand are compared to the accounting records by an b. internal auditor. Human Resource Controls Documentation Procedures A prenumbered shipping document is prepared for each shipment of goods to C. customers.
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter6: The Expenditure Cycle Part Ii: Payroll Processing And Fixed Asset Procedures
Section: Chapter Questions
Problem 5P
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