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Which one of the following will inrease the risk of journal entries fraud risk?

(1) The journal is entered, posted, and approved by only one employe

(2) Segregation of duties.

 

 

Auditing Internal Controls
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Question ajoutée par Almutaz Bakry Sidahmed , Internal Audit Manager , Banan real estate
Date de publication: 2015/02/20
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Tamer Mahmoud Bedir Ahmed
par Tamer Mahmoud Bedir Ahmed , Senior Accountant , Cigalah Trading Group

Definitely the Answer will be option No. (1)

 

option no. (2) is totally opposite as it is one of the procedures of Internal Control

Asad Ikram
par Asad Ikram , Accountant , Tahseel- Hadaf Al Haleej Debt Collection L.L.C

Option 1. If journal is entered, posted, and approved by only one employee he can easily make fraud because no one is having check on him what is he doing actually. If there is Segregation of duties One Has to enter other has to review and Post then Some Control is coming. You Cannot Enter Fake Transactions. 

Amgad Sharif
par Amgad Sharif , Financial Controller , Bee60 Manpower company

Definitely the Answer will be option No. (1)

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