AccountingInformationSystemChapter13ed12Solutions.docx
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AccountingInformationSystemChapter13ed12Solutions.docx
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AccountingInformationSystemChapter13ed12Solutions
Chapter13Solutions
Q13.3Sincetheprimarybenefitofprocurementcardsistogiveemployee’stheabilitytomakesmallnon-inventorypurchasesnecessaryfortheirareaofresponsibilitybeitofficesupplies,computerorofficeequipment,mealsand/ortravelexpenses,aformalapprovalprocessforallpurchaseswouldnegatethebenefitoftheprocurementcard.Therefore,thecontrolsforprocurementcardsshouldbefocusontheinitialissuanceofthecardandsubsequentreviewsandauditsofpurchasesmadebyemployeesentrustedwithprocurementcards.Employeesreceivingcardsmustbeproperlytrainedintheirproperuseandintheprocurementcardcontrolsimplementedbytheorganization.Ifemployeesknowthatanypurchasetheymakecanbethesubjectofsubsequentreviewandaudit,theyaremorelikelytomakelegitimatepurchases.Subsequentreviewsandauditsmustalsorequireproperdocumentationrelatedtoeachpurchasemadewiththeprocurementcard.Duringprocurementcardtraining,itshouldbeemphasizedthatemployeeswillberequiredtoproduceoriginalreceiptsorotherformaldocumentationforallitemspurchased.
P13.1a.Requireapurchaserequisitionfromanoperatingdepartmentasauthorizationforpreparationofallpurchaseorders.Beforeapprovingapurchaseorder,thepurchasingmanagershouldreviewtherelatedpurchaserequisition.Thepurchasingmanageralsoneedstoensurethatordersareplacedonlywithapprovedvendors.Also,companypolicyshouldrequirethatpurchasingagentsdiscloseanyfinancialinterestorpositionwhichtheyholdinsuppliercompanies,thoughthismaybedifficulttoenforce.Inaddition,thepurchasingmanagershouldchecktoensurethatpurchasingagentsdonothaveinvestmentsinvendorsontheapprovedvendorlist.
b.Warehousepersonnelshouldberequiredtocountgoodsreceivedandacknowledgereceiptofthespecifiedquantitybysigningacopyofthereceivingreport.Thiscopyofthereceivingreportwouldthenbereviewedbyaccountspayablepersonnelpriortoapprovalofpayment.Inon-linesystems,thewarehousepersonnelwouldenterreceiptofgoodsintothesystem.Thesystemwouldthenmatchthatreceivingreportwiththepurchaseorderandvendorinvoicepriortoapprovingpayment.
c.Receivingdepartmentpersonnelshouldberequiredtoverifythatapurchaseorderexistspriortoacceptingashipment.Also,invoicesshouldbecomparedtopurchaseorderrecordspriortoapprovaloftheinvoicesforpayment.
d.Properinvoicefilingbypaymentdateandpropercashbudgeting.
e.Whenaninvoiceisapprovedforpayment,therelatedsupportingrecords(receivingreportandpurchaseorder)mustbereviewed.Attheconclusionofthisprocess,thestatusofboththeinvoiceanditssupportingrecordsshouldbechanged,forexamplefrom"pending"to"paid."Inthiswaythesupportingrecordscannotbeusedtwicetosupportpaymentofaduplicateinvoice.
f.Periodicphysicalinventoriesshouldbetaken,andtheresultingcountsusedtocorrectsystemrecords.
g.Mosteffectiveherewouldbeclosedloopverificationinwhichtheitemnumberisenteredasinput,andthesystemdisplaysthecorrespondingitemdescriptionandthenaskstheusertoverifythatthisisthedesireditem.
h.Unusedblankcompanychecksshouldbestoredinasecurelocation.Inaddition,thepersonsigningchecksshouldbedifferentfromthepersonauthorizingdisbursementsandpreparingchecks,andthechecksignershouldreviewthedocumentation(purchaseorderandreceivingreport)supportingeachdisbursementpriortosigningeachcheck.
i.Supportingdocumentationreviewedbythepersonwhoauthorizesdisbursementsshouldincludebothapurchaseorderandareceivingreport.Inaddition,thepersonsigningchecksshouldbedifferentfromthepersonauthorizingdisbursementsandpreparingchecks,andthechecksignershouldreviewthedocumentation(purchaseorderandreceivingreport)supportingeachdisbursementpriortosigningeachcheck.
j.Surprisecountsofcashonhandinthepettycashfundshouldbemadeperiodically,andthetotalofcashplusreceiptsshouldequalthefundamount.
k.Restrictaccesstosuppliermasterfiles,requireathoroughbackgroundcheck,andproperapprovalsbymanagementbeforeasuppliercouldbeaddedtotheapprovedsupplierlist.
l.Thisscenariorequirescollusionbetweenanemployeeandacustomer.Thus,thebestcontroltohirehonestandethicalemployeesbyconductingeffectiveinterviews,checkingreferences,andevenconductingbackgroundchecksifcosteffective.Tohelphonestemployeesstayhonest,thestorecouldrestrictaccesstopricetagsinthatcashiersshouldnothaveaccesstopricetagsandstockingclerksshouldnotworkascashiers.Inaddition,salesdatacouldbeevaluatedusinganalyticalprocedurestoscreenforsignificantpricevariances.Thisanalyticalprocedurecombinedwithlinkingthecashier/salespersonwhoconductedthetransactiontothetransactionwouldlikelydetectthefraudandalsoactasadeterrenttootheremployees.
13.2Matchthetermsintheleftcolumnwiththeirappropriatedefinitionintherightcolumn.
Terms
Definitions
1._n__economicorderquantity
a.Adocumentthatcreatesalegalobligationtobuyandpayforgoodsorservices.
2.__f_materialsrequirementsplanning(MRP)
b.Themethodusedtomaintainthecashbalanceinthepettycashaccount.
3._e__Just-in-time(JIT)inventorysystem
c.Thetimetoreorderinventorybasedonthequantityonhandfallingtopredeterminedlevel.
4.__g_purchaserequisition
d.Adocumentusedtoauthorizeareductioninaccountspayablewhenmerchandiseisreturnedtoasupplier.
5.__b_imprestfund
e.Aninventorycontrolsystemthattriggersproductionbaseduponactualsales.
6.__a_purchaseorder
f.Aninventorycontrolsystemthattriggersproductionbasedonforecastedsales.
7._s__kickbacks
g.Adocumentonlyusedinternallytoinitiatethepurchaseofmaterials,supplies,orservices.
8.__r_procurementcard
h.Aprocessforapprovingsupplierinvoicesbasedonatwo-waymatchofthereceivingreportandpurchaseorder.
9.__p_blanketpurchaseorder
i.Aprocessforapprovingsupplierinvoicesbasedonathree-waymatchofthepurchaseorder,receivingreport,andsupplierinvoice.
10._h__evaluatedreceiptssettlement(ERS)
j.Amethodofmaintainingaccountspayableinwhicheachsupplierinvoiceistrackedandpaidforseparately.
11.__m_disbursementvoucher
k.Amethodofmaintainingaccountspayablewhichgeneratesonechecktopayforasetofinvoicesfromthesamesupplier.
12._q_receivingreport
l.Combinationofapurchaseorder,receivingreport,andsupplierinvoicethatallrelatetothesametransaction.
13.__d_debitmemo
m.Adocumentusedtolisteachinvoicebeingpaidbyacheck.
14._o__vendormanagedinventory
n.Aninventorycontrolsystemthatseekstominimizethesumofordering,carrying,andstockoutcosts.
15.__l_voucherpackage
o.Asystemwherebysuppliersaregrantedaccesstopoint-of-sale(POS)andinventorydatainordertoautomaticallyreplenishinventorylevels.
16._j__non-vouchersystem
p.Anagreementtopurchasesetquantitiesatspecifiedintervalsfromaspecificsupplier.
17._k__vouchersystem
q.Adocumentusedtorecordthequantitiesandconditionofitemsdeliveredbyasupplier.
r.Aspecialpurposecreditcardusedtopurchasesupplies.
s.Afraudinwhichasupplierpaysabuyerorpurchasingagentinordertosellitsproductsorservices.
13.4Matchthreatsinthefirstcolumntoappropriatecontrolproceduresinthesecondcolumn.Morethanonecontrolmaybeapplicable.
Threat
ControlProcedure
1._d,e__Failingtotakeavailablepurchasediscountsforpromptpayment.
a.Onlyacceptdeliveriesforwhichanapprovedpurchaseorderexists.
2._f__Recordingandpostingerrorsinaccountspayable.
b.Documentalltransfersofinventory.
3._l__Payingforitemsnotreceived.
c.Restrictphysicalaccesstoinventory.
4.__h,o_Kickbacks.
d.Fileinvoicesbyduedate.
5._b,c,g_Theftofinventory.
e.Maintainacashbudget.
6._m,l_Payingthesameinvoicetwice.
f.Automatedcomparisonoftotalchangeincashtototalchangesinaccountspayable.
7._g,b,c_Stockouts.
g.Adoptaperpetualinventorysystem.
8.__h,i,j,o_Purchasingitemsatinflatedprices.
h.Requirepurchasingagentstodisclosefinancialorpersonalinterestsinsuppliers.
9.__k,q_Misappropriationofcash.
i.Requirepurchasestobemadeonlyfromapprovedsuppliers.
10._h,i,o,p__Purchasinggoodsofinferiorquality.
j.Restrictaccesstothesuppliermasterdata.
11.__a_Wastedtimeandcostofreturningunorderedmerchandisetosuppliers.
k.Restrictaccesstoblankchecks.
12.__n_Accidentallossofpurchasingdata.
l.Onlyissuechecksforacompletevoucherpackage(receivingreport,supplierinvoice,andpurchaseorder).
13.__j_Disclosureofsensitivesupplierinformation(e.g.,bankingdata).
m.Cancelormark“Paid”allsupportingdocumentsinavoucherpackagewhenacheckisissued.
n.Regularbackupoftheexpenditurecycledatabase.
o.Trainemployeeshowtorespondproperlytogiftsorincentivesofferedbysuppliers.
p.Holdpurchasingmanagersresponsibleforcostsofscrapandrework.
q.Reconciliationofbankaccountbysomeoneotherthanthecashier.
13.8Thefollowinglistidentifiesseveralimportantcontrolfeatures.Foreachcontrol,
(1)describeitspurposeand
(2)explainhowitcouldbebestimplementedinanintegratedERPsystem.
a.Cancellationofthevoucherpackagebythecashieraftersigningthecheck.
b.Separationofdutiesofapprovinginvoicesforpaym
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