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Unformatted text preview: custody & Authorized Segregation Segregation of Duties Lock Box (a postal address at bank to which customers send their remittances) O Expenditure Cycle Threat Control Properly Authorized Recorded Correctly Asset Safe Efficiency Effectiveness Order the Goods O 1. Stock outs Perpetual inventory system O 2. Unnecessary inventory Perpetual O 3. Pay too much Price lists (competitive bid) O 4. Quality (bad) List of supplies O 5. Unauthorized vendor PO is approved by authorized O 6. Kickbacks Policy/Training supplier audit O Receive Goods 7. Receive goods that werent order Access goods with PO O 8. Error in counting goods Barcode incentives 9. Theft Physical controls Segregation of Duties Approve invoice & pay O 10. Error in invoice Account do checks for accuracy 11. Pay for goods not received Match invoice Invoice to receiving report 12. Failing to take Budgeting 13. Paying the same invoice Cancelling & pay original O...
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- Spring '10