expenditurecontrols - Kelsey Brozek Expenditure Cycle...

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Kelsey Brozek Expenditure Cycle Controls 4/20/11 1. procurement card: a corporate credit card that employees can use only at designated suppliers to purchase specific kinds of items a. controls: i. physical access controls (who has possession of the card) ii. logical controls (checking statement) 2. Controls: a. Segregation of who is placing the order, and who is writing the check for that order. Also who will receive the order, tying out the packing slip to the invoice b. physical access controls (knowing who has possession of each piece of inventory at all times) real time processing controls (inventory should be logged when it is received c. physical access controls (who had authorization/means to pay for the paper. Logical controls (any purchasing and orders need to go through the purchasing department, should be common knowledge) d. AIS controls ( payment should be automatic, all online) management (department may need to be notified in order to pay quickly) e. AR department (proper correspondence between what is owed and
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This note was uploaded on 10/03/2011 for the course ACCT 309 taught by Professor Cosgrove during the Spring '11 term at UNL.

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expenditurecontrols - Kelsey Brozek Expenditure Cycle...

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