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Fork Company is a rapidly growing start-up business. The bookkeeper, who was hired ten months ago,...

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Accounting

Fork Company is a rapidly growing start-up business. Thebookkeeper, who was hired ten months ago, left Hong Kong after thecompany's manager discovered that a large sum of money haddisappeared over the past two months. An audit discovered that thebookkeeper had written and signed several checks made payable tohis girlfriend and then recorded the checks as salaries expense.The girlfriend, who cashed the checks had never worked for thecompany, left Hong Kong with the bookkeeper. As a result, thecompany incurred an uninsured loss of $110,000.

Discuss which principles of internal control appear to have beenignored for the For Company.

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4.2 Ratings (883 Votes)
The following are the principles of Internal Control Separation of Duties Accounting System Access Controls Physical Audits of Assets Standardized Financial Documentation Daily or Weekly Trial Balances Periodic Reconciliations in Accounting Systems Approval Authority    See Answer
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