AccountingInformationSystemChapter13ed12Solutions.docx

AccountingInformationSystemChapter13ed12Solutions.docx

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AccountingInformationSystemChapter13ed12Solutions

Chapter13Solutions

Q13.3Sincetheprimarybenefitofprocurementcardsistogiveemployee’stheabilitytomakesmallnon-inventorypurchasesnecessaryfortheirareaofresponsibilitybeitofficesupplies,computerorofficeequipment,mealsand/ortravelexpenses,aformalapprovalprocessforallpurchaseswouldnegatethebenefitoftheprocurementcard.Therefore,thecontrolsforprocurementcardsshouldbefocusontheinitialissuanceofthecardandsubsequentreviewsandauditsofpurchasesmadebyemployeesentrustedwithprocurementcards.Employeesreceivingcardsmustbeproperlytrainedintheirproperuseandintheprocurementcardcontrolsimplementedbytheorganization.Ifemployeesknowthatanypurchasetheymakecanbethesubjectofsubsequentreviewandaudit,theyaremorelikelytomakelegitimatepurchases.Subsequentreviewsandauditsmustalsorequireproperdocumentationrelatedtoeachpurchasemadewiththeprocurementcard.Duringprocurementcardtraining,itshouldbeemphasizedthatemployeeswillberequiredtoproduceoriginalreceiptsorotherformaldocumentationforallitemspurchased.

P13.1a.Requireapurchaserequisitionfromanoperatingdepartmentasauthorizationforpreparationofallpurchaseorders.Beforeapprovingapurchaseorder,thepurchasingmanagershouldreviewtherelatedpurchaserequisition.Thepurchasingmanageralsoneedstoensurethatordersareplacedonlywithapprovedvendors.Also,companypolicyshouldrequirethatpurchasingagentsdiscloseanyfinancialinterestorpositionwhichtheyholdinsuppliercompanies,thoughthismaybedifficulttoenforce.Inaddition,thepurchasingmanagershouldchecktoensurethatpurchasingagentsdonothaveinvestmentsinvendorsontheapprovedvendorlist.

b.Warehousepersonnelshouldberequiredtocountgoodsreceivedandacknowledgereceiptofthespecifiedquantitybysigningacopyofthereceivingreport.Thiscopyofthereceivingreportwouldthenbereviewedbyaccountspayablepersonnelpriortoapprovalofpayment.Inon-linesystems,thewarehousepersonnelwouldenterreceiptofgoodsintothesystem.Thesystemwouldthenmatchthatreceivingreportwiththepurchaseorderandvendorinvoicepriortoapprovingpayment.

c.Receivingdepartmentpersonnelshouldberequiredtoverifythatapurchaseorderexistspriortoacceptingashipment.Also,invoicesshouldbecomparedtopurchaseorderrecordspriortoapprovaloftheinvoicesforpayment.

d.Properinvoicefilingbypaymentdateandpropercashbudgeting.

e.Whenaninvoiceisapprovedforpayment,therelatedsupportingrecords（receivingreportandpurchaseorder）mustbereviewed.Attheconclusionofthisprocess,thestatusofboththeinvoiceanditssupportingrecordsshouldbechanged,forexamplefrom"pending"to"paid."Inthiswaythesupportingrecordscannotbeusedtwicetosupportpaymentofaduplicateinvoice.

f.Periodicphysicalinventoriesshouldbetaken,andtheresultingcountsusedtocorrectsystemrecords.

g.Mosteffectiveherewouldbeclosedloopverificationinwhichtheitemnumberisenteredasinput,andthesystemdisplaysthecorrespondingitemdescriptionandthenaskstheusertoverifythatthisisthedesireditem.

h.Unusedblankcompanychecksshouldbestoredinasecurelocation.Inaddition,thepersonsigningchecksshouldbedifferentfromthepersonauthorizingdisbursementsandpreparingchecks,andthechecksignershouldreviewthedocumentation（purchaseorderandreceivingreport）supportingeachdisbursementpriortosigningeachcheck.

i.Supportingdocumentationreviewedbythepersonwhoauthorizesdisbursementsshouldincludebothapurchaseorderandareceivingreport.Inaddition,thepersonsigningchecksshouldbedifferentfromthepersonauthorizingdisbursementsandpreparingchecks,andthechecksignershouldreviewthedocumentation（purchaseorderandreceivingreport）supportingeachdisbursementpriortosigningeachcheck.

j.Surprisecountsofcashonhandinthepettycashfundshouldbemadeperiodically,andthetotalofcashplusreceiptsshouldequalthefundamount.

k.Restrictaccesstosuppliermasterfiles,requireathoroughbackgroundcheck,andproperapprovalsbymanagementbeforeasuppliercouldbeaddedtotheapprovedsupplierlist.

l.Thisscenariorequirescollusionbetweenanemployeeandacustomer.Thus,thebestcontroltohirehonestandethicalemployeesbyconductingeffectiveinterviews,checkingreferences,andevenconductingbackgroundchecksifcosteffective.Tohelphonestemployeesstayhonest,thestorecouldrestrictaccesstopricetagsinthatcashiersshouldnothaveaccesstopricetagsandstockingclerksshouldnotworkascashiers.Inaddition,salesdatacouldbeevaluatedusinganalyticalprocedurestoscreenforsignificantpricevariances.Thisanalyticalprocedurecombinedwithlinkingthecashier/salespersonwhoconductedthetransactiontothetransactionwouldlikelydetectthefraudandalsoactasadeterrenttootheremployees.

13.2Matchthetermsintheleftcolumnwiththeirappropriatedefinitionintherightcolumn.

Terms

Definitions

1._n__economicorderquantity

a.Adocumentthatcreatesalegalobligationtobuyandpayforgoodsorservices.

2.__f_materialsrequirementsplanning（MRP）

b.Themethodusedtomaintainthecashbalanceinthepettycashaccount.

3._e__Just-in-time（JIT）inventorysystem

c.Thetimetoreorderinventorybasedonthequantityonhandfallingtopredeterminedlevel.

4.__g_purchaserequisition

d.Adocumentusedtoauthorizeareductioninaccountspayablewhenmerchandiseisreturnedtoasupplier.

5.__b_imprestfund

e.Aninventorycontrolsystemthattriggersproductionbaseduponactualsales.

6.__a_purchaseorder

f.Aninventorycontrolsystemthattriggersproductionbasedonforecastedsales.

7._s__kickbacks

g.Adocumentonlyusedinternallytoinitiatethepurchaseofmaterials,supplies,orservices.

8.__r_procurementcard

h.Aprocessforapprovingsupplierinvoicesbasedonatwo-waymatchofthereceivingreportandpurchaseorder.

9.__p_blanketpurchaseorder

i.Aprocessforapprovingsupplierinvoicesbasedonathree-waymatchofthepurchaseorder,receivingreport,andsupplierinvoice.

10._h__evaluatedreceiptssettlement（ERS）

j.Amethodofmaintainingaccountspayableinwhicheachsupplierinvoiceistrackedandpaidforseparately.

11.__m_disbursementvoucher

k.Amethodofmaintainingaccountspayablewhichgeneratesonechecktopayforasetofinvoicesfromthesamesupplier.

12._q_receivingreport

l.Combinationofapurchaseorder,receivingreport,andsupplierinvoicethatallrelatetothesametransaction.

13.__d_debitmemo

m.Adocumentusedtolisteachinvoicebeingpaidbyacheck.

14._o__vendormanagedinventory

n.Aninventorycontrolsystemthatseekstominimizethesumofordering,carrying,andstockoutcosts.

15.__l_voucherpackage

o.Asystemwherebysuppliersaregrantedaccesstopoint-of-sale（POS）andinventorydatainordertoautomaticallyreplenishinventorylevels.

16._j__non-vouchersystem

p.Anagreementtopurchasesetquantitiesatspecifiedintervalsfromaspecificsupplier.

17._k__vouchersystem

q.Adocumentusedtorecordthequantitiesandconditionofitemsdeliveredbyasupplier.

r.Aspecialpurposecreditcardusedtopurchasesupplies.

s.Afraudinwhichasupplierpaysabuyerorpurchasingagentinordertosellitsproductsorservices.

13.4Matchthreatsinthefirstcolumntoappropriatecontrolproceduresinthesecondcolumn.Morethanonecontrolmaybeapplicable.

Threat

ControlProcedure

1._d,e__Failingtotakeavailablepurchasediscountsforpromptpayment.

a.Onlyacceptdeliveriesforwhichanapprovedpurchaseorderexists.

2._f__Recordingandpostingerrorsinaccountspayable.

b.Documentalltransfersofinventory.

3._l__Payingforitemsnotreceived.

c.Restrictphysicalaccesstoinventory.

4.__h,o_Kickbacks.

d.Fileinvoicesbyduedate.

5._b,c,g_Theftofinventory.

e.Maintainacashbudget.

6._m,l_Payingthesameinvoicetwice.

f.Automatedcomparisonoftotalchangeincashtototalchangesinaccountspayable.

7._g,b,c_Stockouts.

g.Adoptaperpetualinventorysystem.

8.__h,i,j,o_Purchasingitemsatinflatedprices.

h.Requirepurchasingagentstodisclosefinancialorpersonalinterestsinsuppliers.

9.__k,q_Misappropriationofcash.

i.Requirepurchasestobemadeonlyfromapprovedsuppliers.

10._h,i,o,p__Purchasinggoodsofinferiorquality.

j.Restrictaccesstothesuppliermasterdata.

11.__a_Wastedtimeandcostofreturningunorderedmerchandisetosuppliers.

k.Restrictaccesstoblankchecks.

12.__n_Accidentallossofpurchasingdata.

l.Onlyissuechecksforacompletevoucherpackage（receivingreport,supplierinvoice,andpurchaseorder）.

13.__j_Disclosureofsensitivesupplierinformation（e.g.,bankingdata）.

m.Cancelormark“Paid”allsupportingdocumentsinavoucherpackagewhenacheckisissued.

n.Regularbackupoftheexpenditurecycledatabase.

o.Trainemployeeshowtorespondproperlytogiftsorincentivesofferedbysuppliers.

p.Holdpurchasingmanagersresponsibleforcostsofscrapandrework.

q.Reconciliationofbankaccountbysomeoneotherthanthecashier.

13.8Thefollowinglistidentifiesseveralimportantcontrolfeatures.Foreachcontrol,

（1）describeitspurposeand

（2）explainhowitcouldbebestimplementedinanintegratedERPsystem.

a.Cancellationofthevoucherpackagebythecashieraftersigningthecheck.

b.Separationofdutiesofapprovinginvoicesforpaym