Voided vs Canceled – What Type of Check is your Auditor Talking about?

My favorite response when I ask about canceled checks is “we don’t have very many of those” – especially when it is an organization that is large enough to merit a separate A/P clerk so they transact hundreds of checks a month. So, where’s the confusion coming from? They think I’m asking about voided checks, …

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Is Your Company Vulnerable to Fraud – Part II: Fraud Indicator Checklist

HOW TO USE THE CHECKLIST 1. Review the concept for each internal control area and answer the questions following each section. 2. Each answer identifies an area that needs stronger internal controls. I. SEGREGATION OF DUTIES Concepts: • Certain accounting/bookkeeping functions are designed to cross-reference each other for accuracy.  If the same person is responsible for multiple duties, the …

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