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Internal Control Procedures
The loan department in a bank is subject to regulation. Internal auditors work for the bank to ensure that the loan department complies with requirements. The internal auditors must verify that each car loan file has a note signed by the maker, verification of insurance, and a title issued by the state that names the bank as co-owner.
Required
1. Explain why the bank and the regulatory agency are concerned with these documents.
2. Describe the internal control procedures that should be in place to ensure that these documents are obtained and safeguarded.
Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April. Complete the following statements.
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which of the following is not true concerning requirements of when a company should recognize revenue? when delivery
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