How may an employee embezzle funds by issuing an unauthorized sales credit memo if the appropriate segregation of functions and authorization controls were not in place?
What will be an ideal response?
An employee who has access to incoming payments, either cash or check, as well as the authorization to issue credit memos may pocket the cash or check of a payment for goods received. This employee could then issue a credit memo to this person's account so that the customer does not show a balance due.
PTS: 1
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