Misc cycles Flashcards
1
Q
SCARE
segregation of duties
A
the company should segregate authorization (execution), access (custody), and accounting (recordkeeping)
2
Q
SCARE
Controls (Physical Controls)
A
access to assets should be limited to certain personelle
3
Q
SCARE
Authorization
A
Transactions and adjusting entries should be authorized by management
4
Q
SCARE
Review (Performance Review)
A
appropriate comparisons should be made on a timely basis (and reconciliations performed) -gen ledger accounts should be compared to supporting docs.
5
Q
SCARE
EDP/IT Information processing
A
supporting detailed records should be maintained and key accounting documents should be renumbered (and the sequence accounted for)
