Describe an internal control procedure that would prevent payment of an invoice for goods that were never delivered
Accounts payable clerk should to a three-way match, reconciling the invoice, purchase order, and receiving report before preparing an AP packet.
You might also like to view...
Which of the following is a potential problem with the objective/task method of setting a budget?
A. It assumes that marketing activities result from demand. B. It is rarely used by major advertisers and is therefore unfamiliar and alienating to consumers. C. It assumes a static external environment and renders marketing strategies inflexible. D. It does not permit the quick and ready measurement of the success of an ad campaign. E. It requires determining in advance the amount of money needed to reach a specific goal.
Detection risk is affected by which aspects of substantive audit procedures?
a. Nature. b. Timing. c. Extent. d. All of the above.
Primary data represents any data that have already been collected for purposes other than the problem at hand
Indicate whether the statement is true or false
If a buyer or lessee fails to reject the goods within a reasonable amount of time, acceptance will be presumed
Indicate whether the statement is true or false