Describe internal control procedures that would (1) detect that a vendor overcharged for goods delivered, (2) prevent payment for an invoice for goods that were never delivered and (3) prevent issuing two checks in payment of the same invoice.
What will be an ideal response?
(1) Accounts payable should compare the price on the purchase order to the price on the supplier's invoice. Accounts payable should recalculate the math (extensions and additions) and check all other charges such as freight, tax, etc.
(2) Accounts payable should match every item on every invoice to a receiving report.
(3) The supporting documents should be marked "paid" after the check is signed. A computerized system will tag the invoice number as paid.
PTS: 1
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