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Please match the internal control procedure to the error, misstatement or other problem that its...

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Accounting

Please match the internal control procedure to the error, misstatement or other problem that its is trying to detect or prevent.

Duties are segregated between the cash payments and cash receipts functions.

A.

The separation of duties is meant to safeguard assets

Signature plates are kept under lock and key.

B.

Prevention of unauthorized use.

Accounting department matches invoices to receiving reports or special authorizations before payment.

C.

Ensures payment for goods or services actually received.

The accounting department matches invoices to copies of purchase orders.

D. Ensures that disbursements are made only for authorized purchases.

Imprest accounts are used for payroll
E.

To assure that checks are issued to employees only.

Bank reconciliations are performed by someone other than the one who writes the checks and handles cash.

F.

Separation of functions prevents one person from diverting cash assets and subsequently concealing the wrongdoing.

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