Match The Control plan (there will be two left over)
A. Digital Signature
B. Tickler file of open PO’s and receiving reports
C. Procedures for rejected imputes
D. Compare input data with master data
E. segregate duties among purchasing, receiving, and accounts payable
F. Program change controls
G. Reconcile bank accounts
H. Reconcile run to run totals
I. Cash planning report
J. Match invoice, PO, and receiving report.
K. Access control software
L. Segregate duties between accounts payable and cashier
_________1. Washington Company receives batches of vendor invoices one a day via an EDI feed from a VAN. Some of these invoices are from vendors that do not do business with Washington.
_________2. Colchester Corp. often loses discounts on payments to vendors because of cash flow problems.
_________3. Fred, the A/P clerk at Dalton Company has grown tired of resolving discrepancies among vendor invoices, PO’s and receiving reports. To make his life easier and reduce rejects, he changed the A/P invoice program to allow large variances.
________4. Twice a week, Sally the A/P clerk at mystic company selects a batch of vendor invoices & sends them to Gary, the clerk in cash disbursements. Occasionally, after Gary makes the electronic payments, it is discovered that not all the payments were made or were made incorrectly.
________5. Conway, Inc. receives electronic invoices through a web portal hosted by a third party. Some of these invoices are not correct. After investigation, its discovered that the invoices were altered in transit from the vendor.
________6. Vendor payments are made on a weekly basis at Westfield Company. Gary the cashier looks over the invoices that he has received and makes payments as needed. Some of those payments are to bogus vendors who have not provided any good or services to Westfield.
_________7. Ludlow Inc. ordered 30 circuit breakers from Burlington electric. Only 25 breakers were received: the other 5 were on back order at Burlington. An invoice for 30 breakers was received at Ludlow and recorded and eventually paid.
_________8. Grandby Company often does not receive invoices in a timely manner and cannot record them in time to take advantage of payment discounts.
_________9. Norma the cashier at Scarsdale Company has been writing checks to herself. This fraud has gone undetected for years.
________10. At Farmington Company, all incoming invoices are matched against open PO’s and Receiving reports. When Janet, the purchasing manager. Is performing this match, she sometimes cant find a PO and so she prepares a PO to cover the invoice.
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