E5-2 Identifying Financial Reporting Control Objectives [LO 5-1, LO 5-2]Your student club recently volunteered to go doo...
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E5-2 Identifying Financial Reporting Control Objectives [LO 5-1, LO 5-2]
Your student club recently volunteered to go door-to-door collecting cash donations on behalf of a local charity. The charity's accountant went berserk when you said you wrote receipts only for donors who asked for one. |
Required: |
Identify the control principle that you violated. |
Restrict access
Segregate duties
Establish responsibility
Document procedures
Independently verify