Match the system failures in the first column with a control plan that would best prevent the system failure from occurring Some of the control plans could be used more than once, and some may not be used at al a. Review of a cash budget b. Access to change controls in software is restricted c. Independent authorization to make payment d. Procedures for rejected inputs e. Tickler file of open POs and receiving reports - $ Wilson Inc. ordered 30 circuit breakers from Elon Electric. Only 25 breakers were received; the other five were on back order at Elon. An invoice for 30 breakers was received at Wilson, recorded, and eventually paid Trent Company often does not receive invoices in a timely manner and cannot record them in time to take advantage of payment discounts. has been writing checks to herself Norma, the cashier at Scarsdale Company, This fraud has gone undetected for years. - - The AP clerk prepares a list of proposed payments that is based on due dates and f. Segregate duties between accounts payable and cashier vendor payment terms. Many of these payments are not approved by the cash disbursements clerk due to lack of funds g. Reconcile run-to-run totals h. Segregate duties among purchasing, receiving, and accounts payable i. do not pick this answer . Match invoice, Po, and receiving report k. Reconcile bank account I. Compare input data with master data (e.g., vendor master data) Beth, a clerk in accounts payable at Elise Company, has a cousin who owns a small office supplies company. Beth's cousin periodically sends invoices to Beth for office supplies that Elise never ordered or received. Beth creates a one-time vendor record and records the invoice. Once recorded as a payable, the invoice gets paid Westover Corp. often loses discounts on payments to vendors because of cash flow problems. - y, has grown tired of resolving discrepancies Allie, the AP clerk at Fuller Compan among vendor invoices, POs, and receiving reports. To make his life easier and to reduce rejects, she changed the AP invoice program to allow large variances. - to an organization. The invoices were Several electronic invoices were misrouted received, input, and paid, but the organization had never purchased anything from the vendors that were paid - On a weekly basis, Pete, the cash disbursements clerk at Dalton Company prepares a batch of payments, including some to himself, and sends the batch to the treasurer for approval. Pete has worked out a deal with Sue, who works in the treasurer's office, to approve these batches, and they split these fraudulent payments
