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Smith Manufacturing Company's accounts receivable clerk has a friend who is also a customer of ...
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Smith Manufacturing Company's accounts receivable clerk has a friend who is also a customer of ...
Smith Manufacturing Company's accounts receivable clerk has a friend who is also a customer of Smith Manufacturing. The accounts receivable clerk has issued fictitious credit memos to his friend for goods supposedly returned. The most effective procedure for preventing this activity is to
▸ prenumber and account for all credit memorandums.
▸ require receiving reports that provide evidence of returned inventory items to support all credit memorandums before they are approved.
▸ have independent sales and accounts receivable departments.
▸ mail monthly statements to customers.
Textbook
Auditing and Assurance Services
Edition:
17
th
Authors:
Arens, Elder, Beasley, Hogan
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require receiving reports that provide evidence of returned inventory items to support all credit memorandums before they are approved.
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anymous
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Just got PERFECT on my quiz
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