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Unformatted text preview: accounts. All checks and purchase orders are prenumbered. W.R. Knechel P3: Controls over Accounts Payable In your test of controls, you find the following: a. Upon vouching some of the canceled checks with their supporting documents, you find that one $1,800 check matches the invoice amount but is $100 more than the purchase order listed. b. A large number of the checks were written to vendors who required special approval as they were not on the approved list. c. Four checks written for more than $1,000 did not carry the treasurer's signature. All were written for less than $1,500, and no other problems were identified. d. One invoice had been paid twice. e. Two checks were missing from the listing of checks cleared. Upon investigation, they were found to have been destroyed in the check-writing machine. f. One expenditure was posted to the wrong expense account....
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.
- Fall '08