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Match Each of the Following Transactions with the Applicable Internal

Question 196

Matching

Match each of the following transactions with the applicable internal control principle

Premises:
No two clerks share the same cash drawer.
A company uses a computerized point of sale system.
Cashier does not have access to the cash register recorded tape or file.
A company has separate departments for purchasing, receiving and accounts payable.
A company hires CPAs to perform an audit.
A company buys an insurance policy to protect against employee theft.
A company uses a check protector
The bookkeeper prepares and signs checks.
A company uses a voucher system.
A company has an internal auditor on staff.
Responses:
Separate recordkeeping from custody of assets
Perform regular and independent reviews.
Perform regular and independent reviews
Apply technological controls
Insure assets and bond employees
Apply technological controls.
Establish responsibility.
Establish responsibility
Divide responsibility for related transactions.
Divide responsibility for related transactions

Correct Answer:

No two clerks share the same cash drawer.
A company uses a computerized point of sale system.
Cashier does not have access to the cash register recorded tape or file.
A company has separate departments for purchasing, receiving and accounts payable.
A company hires CPAs to perform an audit.
A company buys an insurance policy to protect against employee theft.
A company uses a check protector
The bookkeeper prepares and signs checks.
A company uses a voucher system.
A company has an internal auditor on staff.
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