Describe an Internal Control Procedure That Would Prevent Payment of an Invoice

question 65

Essay

Describe an internal control procedure that would prevent payment of an invoice for goods that were never delivered.

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Definitions:

Department Supervisors

Individuals responsible for overseeing the operations of a specific department within an organization, managing employees and resources.

Restrictive Endorsement

A limitation placed on the use of a check or other negotiable instrument, specifying the conditions under which it can be transferred.

Blank Endorsement

A signature on a financial instrument, such as a check, that specifies no particular payee, allowing any holder of the instrument to cash or deposit it.

Rubber Stamp

A tool used to imprint designs or text on a surface with ink, often used metaphorically to describe automatic approval without careful consideration.