One form of accounts payable fraud occurs when the accounts payable clerk or another employee steals a cheque made payable to a legitimate vendor.The purchaser's information is then resubmitted for payment and the second cheque sent to the vendor.How could such a theft be prevented?
A)Cancel supporting documents to prevent their being re-used.
B)Make sure that all payments are supported by valid documents.
C)Reconcile the transaction files to the accounts payable master file.
D)Have receiving reports authorized independently.

Question

Quizplus · Accepted Answer

Canceling supporting documents after they are used ensures they cannot be reused fraudulently to generate duplicate payments.

One Form of Accounts Payable Fraud Occurs When the Accounts