GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 14, Problem 7RQ
To determine
Explain the internal control to prevent duplicate payment.
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Which of the following control procedures mitigates the threat of duplicate payments?
Select one:
a. When an invoice is paid, the invoice and the entire voucher package should be canceled (for example marked “paid”) in a way that it cannot be submitted again.
b. When evaluated receipt settlement (invoice-less system) is used, receiving reports need not be marked as paid as no invoices are generated.
c. Photocopied invoices can be paid.
d. Invoices should be approved for payment only when accompanied by a valid purchase order.
What type of internal control is matching supporting documents before paying an invoice?
Can you explain how the internal control of Documentation Procedure is violated in this question?
after payment, bills are filed in a "paid invoice" folder.
Chapter 14 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
Ch. 14 - If a corporation overstates its earnings, are its...Ch. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - Prob. 4RQCh. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - Prob. 8RQCh. 14 - List the major responsibilities of an accounts...Ch. 14 - Prob. 10RQ
Ch. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - Prob. 13RQCh. 14 - Prob. 14RQCh. 14 - Prob. 15RQCh. 14 - Prob. 16RQCh. 14 - Prob. 17RQCh. 14 - Whitehall Company records its liabilities in an...Ch. 14 - Prob. 19RQCh. 14 - Prob. 20RQCh. 14 - Prob. 21RQCh. 14 - Prob. 22RQCh. 14 - What is the purpose of the auditors review of cash...Ch. 14 - Prob. 24RQCh. 14 - Prob. 25RQCh. 14 - Prob. 26RQCh. 14 - Prob. 27QRACh. 14 - Prob. 28QRACh. 14 - Prob. 29QRACh. 14 - Prob. 30QRACh. 14 - Prob. 31QRACh. 14 - Prob. 32QRACh. 14 - Which of the following procedures is least likely...Ch. 14 - Prob. 33BOQCh. 14 - Which of the following is the best audit procedure...Ch. 14 - Prob. 33DOQCh. 14 - Prob. 33EOQCh. 14 - Prob. 33FOQCh. 14 - Prob. 33GOQCh. 14 - Prob. 33HOQCh. 14 - Ordinarily, the most significant assertion...Ch. 14 - Prob. 33JOQCh. 14 - Prob. 33KOQCh. 14 - Prob. 33LOQCh. 14 - Prob. 34OQCh. 14 - Prob. 35OQCh. 14 - Prob. 36OQCh. 14 - Prob. 37OQCh. 14 - Prob. 38PCh. 14 - Prob. 39PCh. 14 - Prob. 40PCh. 14 - Prob. 41PCh. 14 - Prob. 42PCh. 14 - Prob. 43ITC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What type of internal control is verifying source documents before recording transactions?arrow_forwardWhat is the reason why there are still several discrepancies that can be found in the disbursement voucher logbook? How can we eliminate this?arrow_forwardInternal control is enhanced by separating the control of a transaction from the record-keeping function. True Falsearrow_forward
- What type of internal control would recalculating the totals on a computer report be?arrow_forwardWhy do deficiencies in internal control not always lead to material misstatement when recording transactions？arrow_forwardVendor invoices are recorded for items that were never ordered by the company. Which of the following controls can best address this issue? O Procedures for rejected inputs O Reconcile bank account O Independent authorization to make payment Independent validation of vendor invoicesarrow_forward
- How to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?arrow_forwardAn internal control system where obligations by the company should be liquidated only by checks. A. Voucher system B. Current account c. Check system d. Outstanding checkarrow_forwardFireballCompany requires that all documents supporting a check (purchase order, invoice, and receiving report) be canceled by punching a hole through the packet. Why is this practice required?What might happen if it were not?arrow_forward
- A control designed to validate a transaction at the point of data entry is a. recalculation of a batch total. b. a record count. c. a check digit. d. checkpoints. e. recalculation of hash total.arrow_forwardWhich of the following is a control that can be used to ensure that all of the components of an invoice number are input by a data entry person? dependency check O procedures for rejected inputs preformatted screens O turnaround documentsarrow_forwardWhat controls should be employed to avoid breaches into an accountijg information system.arrow_forward
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