responsibility for maintaining the accounting records – Global Homework Experts

1. Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain. 10. Assume that Julee Shiver, accounts payable clerk for Galaxy Inc., stole $110,000 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the fictitious companies and cashed the checks at a local bank. Describe a control procedure that would have prevented or detected the fraud.

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