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Key Segregation of Duties is Inventory Management Flashcards Preview

Auditing and Attestation > Key Segregation of Duties is Inventory Management > Flashcards

Flashcards in Key Segregation of Duties is Inventory Management Deck (7)
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1

Preparation of production schedules

Inventory Management

2

Issuance of materials requisitions that accompany goods to the manufacturing department

Raw Materials Storage

3

Updating of cost records with materials, labor, and overhead usage

Cost Accounting

4

Updating of inventory records

Cost Accounting

5

Release of goods to the shipping department

Finished goods store

6

Approval and issuance of purchase requisitions

Inventory Management

7

Key Segregation of Duties

1. The inventory management functions should be segregated from the cost-accounting function.
2. The inventory stores function should be segregated from the cost-accounting function.
3. The cost-accounting function should be segregated from the general ledger function.
4. The responsibility for supervising physical inventory should be separated from the inventory management and inventory stores functions.

Decks in Auditing and Attestation Class (28):

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