Good-N-Safe Insurance Agency's finance department has been s
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Good-N-Safe Insurance Agency's finance department has been swamped with claims stemming from a recent hurricane.
Because they're overwhelmed with work they can justify allowing one of their inspectors, who also happens to be accounting savvy, to process the necessary purchase order, approve the purchase order, make the final approval for payment, and prepare the check to pay for a new Dell laptop that he will be using in the field without violating any of the principles of internal control.
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Good-N-Safe Insurance Agency's finance department has been swamped with claims stemming from a recent hurricane.
Because they're overwhelmed with work they can justify allowing one of their inspectors, who also happens to be accounting savvy, to process the necessary purchase order, approve the purchase order, make the final approval for payment, and prepare the check to pay for a new Dell laptop that he will be using in the field without violating any of the principles of internal control.
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Definitely false. The above scenario shows a highly ineffective internal control ...
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