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A week ago
The least effective control for preventing an organization from processing fraudulent credit memo is to

• match each credit memo with a receiving report.

• require approval for each credit memo by the credit manager.

• reconcile total of credit memos to total debits posted to customers' subsidiary ledgers.

• sequentially prenumber all credit memos and perform a sequence check at the end of each day.
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Accounting Information Systems
Edition: 14th
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wrote...
Posts: 132
A week ago
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reconcile total of credit memos to total debits posted to customers' subsidiary ledgers.
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