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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

In the “Fraud and the Accounts Payable Function” section, we described a fraud committed by Stanley and Phoebe and another by Veronica. For each fraud, describe controls and technology that could be used to reduce the risk of those frauds occurring.

Summary Introduction

To determine: The controls and technology that would reduce the risk of fraudulent activities in Company S and Company V.

Introduction:

Accounting Information System (AIS) is said to be the specialized subsystem of the Information System (IS). AIS can be used in the business events for the purpose of collecting, processing, and reporting the financial information.

Explanation

Describe the controls and technology that would reduce the risk of fraudulent activities in Company S:

The bank should ask for the documentation from the firm or individual before opening the bank account.

Vendor records should not be created by the accounting department and it must be the responsibility of the purchasing department.

Personal files of the organization should be compared with the documentation submitted to the bank for the vendor address and phone number in order to find the employee and the vendor are related.

The invoices of the vendor should be matched...

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