Essay
Ed's wife Diane owns a printing business in town.Ed works in the accounts payable department of Jiffy Abs Vitamin Company.Diane prints invoices for work supposedly done for Jiffy Abs (no actual work was performed),and Ed places the invoice in the invoice pile approved for payment.Jiffy Abs pays these invoices and sends Diane a check.
a.Name two internal controls that might prevent or detect these fraudulent payments.
b.Name two audit procedures that might detect this fraud
Correct Answer:

Verified
a.Controls include:
• Using a voucher pa...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
• Using a voucher pa...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q18: The company's bank reconciliation (audited by independent
Q19: The three components of the fraud triangle
Q20: The three necessary elements to commit fraud
Q21: Which of the following would the auditor
Q22: A proof of cash<br>A) Is required by
Q24: Your client is in the process of
Q25: Auditors use a(n)_ to obtain independent evidence
Q26: When you examine canceled checks returned in
Q27: The assertions by management regarding the cash
Q38: Which of the following management policies would