For each of the following necessary controls pertaining to cash disbursements transactions, indicate the related potential misstatement

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For each of the following necessary controls pertaining to cash disbursements transactions, indicate the related potential misstatement and possible test of controls.

a. Use and account for prenumbered checks.

b. Independent check of agreement of amount on check and voucher.

c. Stamp voucher and supporting documentation PAID when check issued.

d. Check signers mail checks.

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Modern Auditing

ISBN: 9780471596875

6th Edition

Authors: William C. Boynton, Walter G. Kell

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Question Posted: May 10, 2024 02:00 AM

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For each of the following necessary controls pertaining to cash disbursements transactions, indicate the related potential misstatement

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a Necessary control Use and account for prenumbered checks Potential misstatement Unauthorized or fraudulent disbursements may occur if checks are not ...View the full answer

Modern Auditing

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