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Question : 59.  Internal controls revision Consider the list of internal control

59.  Internal controls revision


Consider the list of internal control weaknesses listed below. Revise each one to make it stronger.


a.  Any employee in a firm can sign checks.
b.  Checks from clients can be made out to the firm or any of the partners individually.
c.  One of the partners deposits all credit card receipts and checks in the bank at the end of each month.
d.  Signature cards, which specify who can sign checks, are re-done only when a new employee is hired.
e.  The cash receipts clerk reconciles the bank statement.


60.  Human judgment and information technology


The text explains the importance of human judgment and information technology in the accounting information system. Indicate with an "X" in the appropriate column which of the following tasks rely primarily on human judgment and which rely primarily on information technology.



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