Requirements . Identify the missing internal control characteristic in each situation. 2. Identify each firm’s possible problem. 3. Propose a solution to the problem. Situation a. In evaluating the intenal control over cash payments of Judd Manufacturing, an auditor leans that the purchasing agent is responsible for purchasing diamonds for use in the company’s manufacturing process, approving the invoices for payment, and signing the checks. No supervisor reviews the purchasing agent’s work. Requirement 1. Missing Control Characteristic Requirement 2. Possible Problem: Requirement 3. Potential Solution:

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *