Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.

Key Segregation of Duties in the Purchasing Process Flashcards Preview

Auditing and Attestation > Key Segregation of Duties in the Purchasing Process > Flashcards

Flashcards in Key Segregation of Duties in the Purchasing Process Deck (8)
Loading flashcards...
1

Preparation and approval of purchase order

Purchasing Department

2

Receipt, counting, and inspection of purchased materials

Receiving Department

3

Receipt of vendor invoices and matching them with supporting documents

Accounts Payable

4

Coding (or checking) of account distributions

Accounts Payable

5

Updating of accounts payable records

Accounts Payable

6

Signing and mailing of vendor checks

Cashier

7

Reconciliation of voucher register to general ledger

Accounts Payable

8

Four key segregation of duties functions in the purchasing process.

1. The purchasing function should be segregated from the requisitioning and receiving functions.
2. The invoice-processing function should be segregated from the accounts payable function.
3. The disbursement function should be segregated from the accounts payable function.
4. The accounts payable function should be segregated from the general ledger function.

Decks in Auditing and Attestation Class (28):

Brainscape is a web and mobile study platform that helps you learn things faster. Our mission is to create a smarter world by simplifying and accelerating the learning process. © 2021 Bold Learning Solutions. Terms and Conditions