+1-415-670-9189
info@expertsmind.com
Propose method for mitigating problem of separate department
Course:- Accounting Basics
Reference No.:- EM13870097




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question:

"Expenditure Cycle" Please respond to the following:

Using your own present or previous place of work as an example, propose a method for mitigating the problem of separate departments (e.g., academics, student services, information technology, etc.) ordering the same item.

From the proposal above, discuss the possible issues that implementing the proposed method would cause to the organization. Suggest additional controls that you would put into place to overcome the issues. Provide specific examples to support your response.

Answered:-

Verified Expert


Preview Container content

Separation of duties is a classic method to manage conflict of interestand fraud. It restricts the amount of power held by anyone individual. It putsobstruction in place to prevent fraud that may be perpetrated by an individual. Fraud will still occur if there is collusion. To be certain that you have identified all separation of duties issues, you will first need to create an information flow diagram for every function within each area of the organization. For instance, positions that handle valuable items, require a number of controls. Management may decide to accept, reject, or divert the risk instead of controlling risk through separation of duties. Once this is decided, management may determine where separation of duties will be applied.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Kathy is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kathy has $3,000 of net income. Her allocable home office expen
After considerable controversy, the application was approved on November 10, and two days later, the sum of $950,000 was paid to Mario's estate in full satisfaction of the p
The management of Harrigill Corporation would like to have a better understanding of the behavior of its inspection costs. The company has provided the following data:
Jamison Company produces and sells Product X at a total cost of $25 per unit, of which $15 is product cost and $10 is selling and administrative expenses. In addition, the t
For the year ending December 31, 2016, Micron Corporation had income from continuing operations before taxes of $1,250,000 before considering the following transactions and
Specifically, discuss how the time value of money affects capital budgeting. Capital budgeting differs from regular budgeting in that capital budgeting is for large investme
I want you to write an essay to submit to a conference for Accounting Information Systems. This makes our business look good and we show that we are leaders in value creatio
You are a member of the marketing organization for a consumer packaged goods company. The firm is considering the implementation of a CRM system. Make a convincing argument