Misc cycles Flashcards by kent harding

Q

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segregation of duties

A

the company should segregate authorization (execution), access (custody), and accounting (recordkeeping)

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Controls (Physical Controls)

A

access to assets should be limited to certain personelle

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Q

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Authorization

A

Transactions and adjusting entries should be authorized by management

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Review (Performance Review)

A

appropriate comparisons should be made on a timely basis (and reconciliations performed) -gen ledger accounts should be compared to supporting docs.

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EDP/IT Information processing

A

supporting detailed records should be maintained and key accounting documents should be renumbered (and the sequence accounted for)

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