The Purchasing Manager at Folding Squid Technologies Has Responsibility for Reviewing

question 74

Multiple Choice

The purchasing manager at Folding Squid Technologies has responsibility for reviewing and authorizing purchase orders.He also reviews receiving reports,approves or corrects them,and authorizes the cashier to pay vendor invoices.Which of the following would correct control weaknesses,if any,related to these activities?

• A) Vendor invoices should be reviewed by the purchasing manager to ensure that they are correct.
• B) Accounts payable should reconcile purchase orders, receiving reports, and invoices.
• C) Vendor invoices should be reviewed by accounts receivable and then cancelled when paid.
• D) Controls are adequate under the current system.

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