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Accounting Control
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This book contains hundreds of very specific controls over the basic processes of a business—order entry, shipping, billing, purchasing, and the like. These controls are presented in layers, beginning with those needed for a very basic paper-based system and progressing through computerized systems and the use of selected best practice enhancements to the computerized systems. Thus, users can find within these pages a variety of control systems for different levels of system complexity. As a supplement to the many controls detailed in later chapters, this chapter contains additional comments about the overall system of controls, high-risk areas, the segregation of duties, implied controls, the impact of the Sarbanes-Oxley Act, and the occasional need to deinstall controls
This book is entirely about the control point, which is an activity within a business process that will prevent or detect a process breakdown. For exam- ple, the requirement to have a supervisor sign checks is a control point; the key element in this control point is not the actual signing of the check, but rather the assumption that the manager will not sign the check without first reviewing the attached payment documentation to ensure that the payment is necessary. However, this control point is necessary only in a relatively dis- organized purchasing environment where many people can authorize purchases. If a company were to impose a rigid requirement that all acquisitions must involve an authorizing purchase order, there is no longer a need for a control point represented by the check signer, since the purchasing department has taken over this role. Thus, control points can be activated or dis- carded, depending on the structure of the underlying process.
Steven M. Bragg - Personal Name
1st Edtion
13: 978–0–471–35639–
NONE
Accounting Control
Management
English
John Wiley & Sons, Inc
2006
Canada
1-268
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