Tom and Wilma are working on the audit of internal control for Progress Enterprises and are interested in understanding and examining the client's policies surrounding segregation of duties. Which of the following scenarios best represents an effective system of internal controls? (Select all that apply.) Progress Enterprises' Chief Financial Officer is responsible for signing all checks as well as depositing the firm's daily cash deposits at the client's bank. One of Progress Enterprises' staff accountants performs monthly bank reconciliations. The reconciliations are checked twice-yearly by the firm's internal audit function. Progress Enterprises has recently switched to using a local bank to collect all incoming cash payments in settlement of receivables. One of Progress Enterprises' accountants is responsible for updating the general ledger to reflect cash deposits, and has custody over physical cash.

Tom and Wilma are working on the audit of internal control for Progress Enterprises and are interested in understanding and examining the client's policies surrounding segregation of duties. Which of the following scenarios best represents an effective system of internal controls? (Select all that apply.) Progress Enterprises' Chief Financial Officer is responsible for signing all checks as well as depositing the firm's daily cash deposits at the client's bank. One of Progress Enterprises' staff accountants performs monthly bank reconciliations. The reconciliations are checked twice-yearly by the firm's internal audit function. Progress Enterprises has recently switched to using a local bank to collect all incoming cash payments in settlement of receivables. One of Progress Enterprises' accountants is responsible for updating the general ledger to reflect cash deposits, and has custody over physical cash.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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