You were hired as one of the members of the internal audit team of a newly established hypermarket in your area. As a new member, your task was to analyze the internal control practices of the business. Which of the following activities does not constitute good internal control? a. Correcting errors immediately after they are discovered b. Putting passwords in every computer the business is using c. Making sure that all bills were immediately paid even without supporting documents d. Reviewing and approving transactions especially those involving large amounts of money
You were hired as one of the members of the internal audit team of a newly established hypermarket in your area. As a new member, your task was to analyze the internal control practices of the business. Which of the following activities does not constitute good internal control? a. Correcting errors immediately after they are discovered b. Putting passwords in every computer the business is using c. Making sure that all bills were immediately paid even without supporting documents d. Reviewing and approving transactions especially those involving large amounts of money
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
You were hired as one of the members of the internal audit team of a newly established hypermarket in your area. As a new member, your task was to analyze the internal control practices of the business. Which of the following activities does not constitute good internal control?
a.
Correcting errors immediately after they are discovered
b.
Putting passwords in every computer the business is using
c.
Making sure that all bills were immediately paid even without supporting documents
d.
Reviewing and approving transactions especially those involving large amounts of money
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education