ACC/ 542 Learning Team Questions

| June 7, 2016

Question

ACC/ 542 Learning Team Questions

Please provide written responses for the below questions.

1. Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement that would be prevented or detected by its use.

I just need help with two of these:

Duties segregated between the cash payments and cash receipts functions.
Signature plates kept under lock and key.
The accounting department matches invoices to receiving reports or special authorizations before payment.
All checks mailed by someone other than the person preparing the payment voucher.
The accounting department matches invoices to copies of purchase orders.
Keep the blank stock of checks under lock and key.
Use imprest accounts for payroll.
Bank reconciliations performed by someone other than the one who writes checks and handles cash.
Use a check protector.
Periodically conduct surprise counts of cash funds.
Orders placed with approved vendors only.
All purchases made by the purchasing department

I just need help with one of these
2. What guidance or framework would you use to establish IT governance if you were a senior executive in a firm? If you were a mid-level IT manager who was designing IT general controls? A manager who was responsible for identifying the appropriate application controls?

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