0
good environment control
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
Which is not a characteristic of a good tax?
Characteristics of a good tax are equality, simplicity, certainty, and efficiency. These are the only characteristics of a good tax.
What is considered a poor internal control system?
There are a number of things that can point to a poor internal control over financial accounting. If a business has poor internal control over accounting, there is a great opportunity for its employees to commit fraud. A poor internal control system would exist if there is no proper segregation of duties - if the same person who had custody of an asset was the same person who recorded it in the financial accounting records or could authorize its disposition. It would give the person who had custody of the asset a chance to steal it and cover up the theft by making false entries in the accounting records. Or it would make it possible for an employee who had the authority to authorize and sign company checks the ability to "authorize"and sign a check written to himself. If that person also recorded checks in the company system and reconciled the bank statements (or he was in collusion with another employee who was part of the fraud), he could cover up his act for a long time. A payroll manager who had the ability both to generate *and* distribute paychecks would be able to issue extra paychecks, or paychecks to nonexistent employees (which would be cashed by the payroll manager) without being caught. A good internal control system begins at the top management level. Employees should receive a documented code of ethical conduct and understand it. There should be a culture of honesty that everyone follows, including top management. Duties should be properly segregated to prevent any opportunity for theft of company assets (including cash), and people should understand what they need someone else's approval for. Accounts should be regularly reconciled by a third party who is not part of the check-writing or collections-receiving, or recording process. There should be an internal audit function monitoring to see that the controls work as designed and that they are being followed. There should be an established mechanism for employees to report any fraud they see occurring in the workplace. And even a well-designed internal control system is no good if no one is following the required procedures. So compliance should be monitored regularly.
What are the four characteristics of a good tax?
The four characteristics of a good tax are simplicity, efficiency, certainty, and equity (fairness).
Can petty cash be misappropriation of funds?
Petty cash is also called cash-in- hand as opposed to cash- at- bank. Where there is good system of internal control eg. petty cash float is established and maintained and occasional surprise csh count is undertaken a presponsible person, the possibility misapropriation of funds is rather very remote.
The endocrine system is integrated with what other system to provide coordinated control of the organism?
Nervous and Endocrine system are working together to maintain homeostasis. Homeostasis is a part of a system wherein it is needed to be balanced for your internal body will remain stable or in a good condition.
What are the characteristics of a Multi-party political system?
to good occupation
Positive consequence of good internal control?
Safety, confidence, and going somewhere with your life.
Why an external auditor should be concerned over internal control?
Good internal controls tell the auditor that the accounting system has the integrity to make him believe that the information he obtains for the reports can be reasonably relied upon to present fairly the results of the company's operations and the balance of assets.
How internal control is advantages to clients?
Internal Controls can help protect client privacy. Ex.: Good internal controls on a website will protect clients credit card numbers from hackers.
Explain the Characteristics of a good computer system?
characteristics of a computer are as follows:-1.simple2.accurate3.clear4.up-to-date5.relevant6.timely
Who control the prices of good and services in economics system of communism?
me i do
What are the characteristics of Greek tragedy's?
the most prominent is the internal strugle of the hero/heroine between what he thinks is good and laws of the gods (and the empenting Nemesis).
Good internal control dictates that a person who controls an asset also maintains that asset's accounting records?
False
How does congestion control and QOS related?
In congestion control, the load on a network is prevented from exceeding the capacity. Quality of service refers to the characteristics that a flow of data seeks to attain. If there is good congestion control, then the QoS is also good and vice versa.
Establish a food production control system for a commercial kitchen?
no good
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
