Josh is an accountant in a small manufacturing firm. Each quarter, he prepares the financial statement of the company, and he pays special attention to avoid potential misstatements and inaccurate information. The control procedures that Alex follows involve:
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Addressing the proper duties to the proper person: Alex hates it when all people in the company do it all. He believes that a segregation of duties is necessary so that the tasks are carried out efficiently from the right people. Therefore, he cross-checks the duties, and he makes sure that they are distributed to the entire workforce based on the skills, knowledge, and experience of each individual.
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Josh is an accountant in a small manufacturing firm. Each quarter, he prepares the financial statement of the company, and he pays special attention to avoid potential misstatements and inaccurate information. The control procedures that Alex follows involve: