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Expenditure Cycle - Threats / Controls Match the threats in the filumn to the appropriate control procedure in the second column ( only one match
Expenditure Cycle ThreatsControls Match the threats in the filumn to the appropriate control procedure in the second column only one match for each answer and each control is used only once tableAnswerThreat,Control Procedures letters only Purchase unneeded items,a signatures for material amountsa Inaccurate inventory,tableb hlnck out quantities on PO; signatures, inventorycounts High prices for goods,c campare Receiving Report to Invoice Unauthorized suppliers,d compare to Receiving Report and Purchase Order Low quality goods :tablee data entry controls or good form design use ofcontrol accounts Kickbacks,tablef ensure complete voucher package; canceldocuments Theft of goods,g match goods with an approved PO Counting Mistakes,h performance evaluations Accepting unordered goods,table perpetual inventory with periodic counts andreconciliation RFIDs Errors on vendor invoices,tableJ Perpetual inventory, separate purchasingdepartment approvals of POs Mistakes in recording,k price lists, bids, reviews, budgets Fraudulent disbursements, proper filing Duplicate payments,table restrict access to cash, sequentially numberedchecks Missing a purchase discount,n review POs readonly supplier listtable Payment for goods notreceivedo document all transfers, segregate
Expenditure Cycle ThreatsControls
Match the threats in the filumn to the appropriate control procedure in the second column only one match for each answer and each control is used only once
tableAnswerThreat,Control Procedures letters only Purchase unneeded items,a signatures for material amountsa Inaccurate inventory,tableb hlnck out quantities on PO; signatures, inventorycounts High prices for goods,c campare Receiving Report to Invoice Unauthorized suppliers,d compare to Receiving Report and Purchase Order Low quality goods :tablee data entry controls or good form design use ofcontrol accounts Kickbacks,tablef ensure complete voucher package; canceldocuments Theft of goods,g match goods with an approved PO Counting Mistakes,h performance evaluations Accepting unordered goods,table perpetual inventory with periodic counts andreconciliation RFIDs Errors on vendor invoices,tableJ Perpetual inventory, separate purchasingdepartment approvals of POs Mistakes in recording,k price lists, bids, reviews, budgets Fraudulent disbursements, proper filing Duplicate payments,table restrict access to cash, sequentially numberedchecks Missing a purchase discount,n review POs readonly supplier listtable Payment for goods notreceivedo document all transfers, segregate
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