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1CHAPTER51.THEKNOWLEDGETHATJOBROTATIONISPRACTICEDANDTHATONEEMPLOYEEMAYPERFORMANOTHER’SJOBATALATERDATETENDSTODISCOURAGEDEVIATIONSFROMPRESCRIBEDPROCEDURES.ALSO,ROTATIONHELPSTODISCLOSEANYIRREGULARITIESTHATMAYOCCUR.2.Authorizingcompletecontroloverasequenceofrelatedoperationsbyoneindividualpresentsopportunitiesforinefficiency,errors,andfraud.Thecontroloverasequenceofoperationsshouldbedividedsothattheworkofeachemployeeisautomaticallycheckedbyanotheremployeeinthenormalcourseofwork.Asystemfunctioninginthismannerhelpspreventerrorsandinefficiency.Fraudisunlikelywithoutcollusionbetweentwoormoreemployees.3.Toreducethepossibilityoferrorsandembezzlement,thefunctionsofoperationsandaccountingshouldbeseparated.Thus,oneemployeeshouldnotberesponsibleforhandlingcashreceipts(operations)andmaintainingtheaccountsreceivablerecords(accounting).4.No.Combiningtheresponsibilityforrelatedoperations,suchascombiningthefunctionsofpurchasing,receiving,andstoringofsupplies,increasesthepossibilityoferrorsandfraud.5.Thecontrolprocedurerequiringthatresponsibilityforasequenceofrelatedoperationsbedividedamongdifferentpersonsisviolatedinthissituation.Thisweaknessintheinternalcontrolmaypermitirregularities.Forexample,theticketseller,whileactingastickettaker,couldadmitfriendswithoutaticket.6.Theresponsibilityformaintainingtheaccountingrecordsshouldbeseparatedfromtheresponsibilityforoperationssothattheaccountingrecordscanserveasanindependentcheckonoperations.7.Theindividualaccountsreceivableledgeraccountsprovidebusinessmanagersinformationonthestatusofindividualcustomeraccounts,whichisnecessaryformanagingcollections.Managersneedtoknowwhichcustomersowemoney,howmuchtheyowe,andhowlongtheamountowedhasbeenoutstanding.8.Themajoradvantagesoftheuseofspecialjournalsaresubstantialsavingsinrecord-keepingexpensesandareductionofrecord-keepingerrors.9.a.250；b.None10.a.250；b.111.a.Sometimefollowingtheendofthecurrentmonth,oneoftwothingsmayhappen:(1)anoverduenoticewillbereceivedfromHoffmanCo.,and/or(2)aletterwillbereceivedfromHofferCo.,informingthebuyeroftheoverpayment.(Itisalsopossiblethattheerrorwillbediscoveredatthetimeofmakingpaymentiftheoriginalinvoiceisinspectedatthetimethecheckisbeingwritten.)b.Thescheduleofaccountspayablewouldnotagreewiththebalanceoftheaccountspayableaccount.Theerrormightalsobediscoveredatthetimetheinvoiceispaid.c.Thecreditorwillcalltheattentionofthedebtortotheunpaidbalanceof$1,000.d.Theerrorwillbecomeevidentduringtheverificationprocessattheendofthemonth.Thetotaldebitsinthepurchasesjournalwillbelessthanthetotalcreditsby$2,000.12.a.No,theerrorwillnotcausethetrialbalancetotalstobeunequal.b.No,thesumofthebalancesinthecreditorsledgerwillnotagreewiththebalanceoftheaccountspayableaccountinthegeneralledger.13.a.Cashpaymentsjournal；b.Purchasesjournal；c.Cashpaymentsjournald.Purchasesjournal；e.Cashpaymentsjournal14.Anelectronicformisasoftwarewindowthatprovidestheinputsforaparticulartransaction.Forexample,acheckformprovidestheinputs(payee,amount,date)foracashpaymenttransaction.Anelectronicinvoiceprovidestheinputs(customer,amountsold,itemsold)forrecordingrevenuesearnedonaccount.15.Theuseofcontrollingaccountstoverifytheaccuracyofsubsidiaryaccountsisusedinamanualsystem.Inacomputerizedsystem,itisassumedthatthecomputerwillaccuratelysumtheindividualtransactionsinthesubsidiaryaccountsindeterminingtheaggregatebalance.Thus,thereisnoneedforcontrollingaccountsforcontrollingtheaccuracyoftheindividualpostings.16.Forautomatedsystemsthatuseelectronicformsthespecialjournalsarenotusedtorecordoriginaltransactions.Rather,elec-tronicformscapturetheoriginaltransactiondetailfromaninvoice,forexample,andautomaticallypostthetransactiondetailstotheappropriateledgeraccounts.217.E-commercecanbeusedbyabusinesstoconducttransactionsdirectlywithcustomers.Thus,anordercanbereceiveddirectlyfromthecustomer’sInternetinputandcashcanbereceivedfromthecreditcard.Manytimes,thecashisreceivedpriortoactuallyshippingtheproduct,resultinginafasterrevenue/collectioncycle.Reducingpaperworkthroughoutthecyclealsoimprovestheefficiencyoftheprocess.Forexample,alloftheaccountingtransactionscanbefedautomaticallyfromtheinitialWeb-basedinputs.EX.5–1Asaninternalauditor,youwouldprobablydisagreewiththechangeinpolicy.FirstCharterhassomenormalbusinessriskassociatedwithdefaultonbankloans.Onewaytohelpminimizethisistocarefullyevaluateloanapplications.Largeloanspresentgreaterriskintheeventofdefaultthandosmallerloans.Thus,itisreasonabletohavemorethanonepersoninvolvedinmakingthedecisiontograntalargeloan.Inaddition,loansshouldbegrantedontheirmerits,notonthebasisoffavoritismormereassociationwiththebankpresident.Allowingthebankpresidenttohavesoleauthoritytograntlargeloanscanleadtothepresidentgrantingloanstofriendsandbusinessassociates,withouttherequiredduediligence.Thiscanresultinabankbecomingexposedtoverypoorcreditrisks.Indeed,thisscenarioisoneofthecausesofsavingsandloanandbankfailuresofthepast.Ex.5–2Thisisanexampleofafraudwithsignificantcollusion.Fraudsthatareperpetratedwithmultiplepartiesindifferentpositionsofcontrolmaked