Alternative summarised version of tests of controls, Financial Management

Assignment Help:

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.

 


Related Discussions:- Alternative summarised version of tests of controls

Operating cycle, discuss the applicability of operating cycle in poultry in...

discuss the applicability of operating cycle in poultry industry

Economic order quantity, annual uasage of stock 100,000units carrying ...

annual uasage of stock 100,000units carrying cost per unit of stock RM2 order cost RM250 question there is a constraint arising from the floor space of the

Analyze the practice of democracy, Question 1: Analyze the practice of ...

Question 1: Analyze the practice of democracy as advocated by the early Greek political thinkers. Question 2: To what extent can Man live peacefully with each other wi

What is the usual pattern of cash flows, What is the usual pattern of cash ...

What is the usual pattern of cash flows for a share of preferred stock? How does the market determine the value of a share of preferred stock, given these promised cash flows?

Australian securities and investment commission, Australian Securities and ...

Australian Securities and Investment Commission: The Australian Securities and Investment Commission (ASIC) is an independent government body established by the ASIC Act 1989.

Define coefficient of variation often a better risk measure, Why is the coe...

Why is the coefficient of variation often a better risk measure when comparing different projects than the standard deviation? While we want to compare the risk of investments whi

Corporate debt, which critically examines the benefits and risks to a compa...

which critically examines the benefits and risks to a company, of incorporating corporate debt into a portfolio of equity and debt.

Calculate remaining balance, Your family purchased a house three years ago....

Your family purchased a house three years ago. When you bought the house you financed it with a $160,000 mortgage with an 8.5% nominal interest rate (compounded monthly). The mortg

Types of capital budgeting, Types of Capital Budgeting Decisions: A bu...

Types of Capital Budgeting Decisions: A business organization has to quite normal face the problem of capital investment decisions. Capital investment defines as the investmen

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd