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C. A recent review of Bright Buttons Pty Ltd accounting system revealed the following procedures: The accounts payable clerk prepares the cash payment vouchers, which
C. A recent review of Bright Buttons Pty Ltd accounting system revealed the following procedures: The accounts payable clerk prepares the cash payment vouchers, which are approved by the chief financial officer and then posted to the ledger by the accounts payable clerk. o The sales clerk prepares invoices for customers, which are approved by credit clerk only after supporting documents the typen verifying orders and amounts have been provided. o Mail is received by the receptionist, who forwards cheques received to the accounts receivable clerk to process. o Banking is performed by a junior accountant on a daily basis. o Bank statements are reconciled by the accounts payable clerk. Identify and discuss two (2) instances in the above scenario relating to a lack of segregation of duties.(4 marks) 6 of 6
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