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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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