Match the threats in the left column to appropriate control procedures in the right column. More than one control may be

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Match The Threats In The Left Column To Appropriate Control Procedures In The Right Column More Than One Control May Be 1 (58.63 KiB) Viewed 113 times

Match the threats in the left column to appropriate control procedures in the right column. More than one control may be applicable Threat Control Procedure Accept only deliveries for which an approved purchase order exists b. Document all transfers of inventory 1. Failing to take available purchase discounts for prompt payment 2. Recording and posting errors in accounts payable 3. Paying for items not received 4. Kickbacks 5. Theft of inventory 6. Paying the same invoice twice d. 7. Stockouts 8. Purchasing items at inflated prices c. Restrict physical access to inventory File invoices by due date e. Maintain a cash budget f Conduct an automated comparison of total change in cash to total changes in accounts payable. & Adopt a perpetual inventory system h. Require purchasing agents to disclose financial or personal interests in suppliers i Require purchases to be made only from approved suppliers. j. Restrict access to the supplier master data. k Restrict access to blank checks. 9. Misappropriation of cash 10. Purchasing goods of inferior quality 11. Wasted time and cost of returning unordered merchandise to suppliers 12. Accidental loss of purchasing data m 13. Disclosure of sensitive supplier information (e.g. banking data) 1. Issue checks only for complete voucher packages (receiving report, supplier invoice, and purchase order) Cancel or mark "Paid" supporting documents in voucher package when check is issued. 1. Carry out a regular backup of expenditure cycle database o. Train employees in how to properly respond to gifts or incentives offered by suppliers p. Hold purchasing managers responsible for costs scrap and rework Ensure that someone other than the cashier reconciles bank accounts. 9