Which situation indicates an internal control risk in the general ledger/Financial reporting system (GL/FRS)?

کون سی صورتحال عام لیجر/فنانشل رپورٹنگ سسٹم (جی ایل/ایف آر ایس) میں داخلی کنٹرول کے خطرے کی نشاندہی کرتی ہے؟
Answer: The employee who maintains the cash receipts journal records transactions in the accounts receivable subsidiary ledger
Explanation
  • Segregation of duties is essential in internal control to prevent fraud and errors.
  • If the same employee handles cash receipts and records transactions, it increases the risk of misappropriation or manipulation of funds.
  • This question appeared in Past Papers (2 times)
    Senior Auditor Past Papers and Syllabus (2 times)
    This question appeared in Subjects (1 times)
    ACCOUNTING (1 times)

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