Alternative summarised version of tests of controls

· Segregation of duty (staff records are separate from wages department)

· Documentation (written evidence)

· Authorisation(by senior personnel)

· Review(by senior personnel of other staff work)

Remember no control is fool proof. Humans are careless, misunderstand, distracted easily and make mistakes. Collusion may always happen to override controls and responsibility given could always be abused.

 

Posted Date: 9/3/2013 2:53:17 AM | Location : United States

Ask an Expert

Related Discussions:- Alternative summarised version of tests of controls, Assignment Help, Ask Question on Alternative summarised version of tests of controls, Get Answer, Expert's Help, Alternative summarised version of tests of controls Discussions

Write discussion on Alternative summarised version of tests of controls
Your posts are moderated

Write your message here..

Related Questions

Determine the example of future value of an annuity, Determine the example ... Determine the example of Future Value of an Annuity An annual payment of 7000 $ is invested at 5% per annum compounded yearly. What will be the amount after 20 years? Solut

Accounting to budget, Accounting to Budget: Accounting to budget is a c... Accounting to Budget: Accounting to budget is a commonly used term to describe how an organisation controls its accounting process. Typically, an organisation divides its re

Calculate actual returns using the dividend discount model, You've just won... You've just won a huge $100 million lottery.  You've decided to invest your winnings in the following way:  $30 million in real estate,  $30 million in  corporate bonds and $40 mil

Terms of maturity date very short term, 1. (a) A barbell is a approach of... 1. (a) A barbell is a approach of maintaining a portfolio of securities concentrated at two extremes in terms of maturity date very short term and very long term. A positive

Risk and advantages associated with company locations, What are some of the... What are some of the primary advantages when a corporation has operations in countries other than its home country?  What are some of the risks? Foreign operations may decrease

Define finance function and discuss its nature, Q. Define Finance Function ... Q. Define Finance Function and discuss its nature and scope Ans. Meaning of Finance: - Finance is defined as the provision of funds at the time when it is required. The role of

Define is it preferable to use an import quota or a tariff, Suppose the gov... Suppose the government wants to limit imports of a certain good.  Is it preferable to use an import quota or a tariff?  Why? Modification in domestic consumer and producer surp

Differences in working capital for different industries, Differences in wor... Differences in working capital for different industries   Manufacturing Retail Service Inventories H

Types of traders in future and option markets, Types of Traders in Future a... Types of Traders in Future and Option Markets: Hedgers Hedgers use the futures and options market principally for risk management purposes because of their exposure to pri

Cash deficit - cash budget, In two of the four months of the cash budget Th... In two of the four months of the cash budget Thorne Co has a cash shortage with the highest cash deficit being the opening balance of $40000. This cash shortage which has occurred