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Hi! AUD notes from "biggs" have been shared and are online:http://www.cpaexamclub.com/group/cpaexamnotes
here's a direct link to the noteshttp://www.cpaexamclub.com/group/cpaexamnotes/page/aud-notes-2011-2...
Good luck with your studies!CPAnet
I am preparing AUD now
Returning those undistributed checks to the payroll dept. (a record keeping function) would be considered an ineffective SOD. Since a record keeping function should not have custody of undistributed checks, employees not involved in the payroll or human resources function should maintain custody as well as investigate and reconcile the returned payroll checks.
Pay roll department authorizes payroll. They can not have custody of those cheques. It contradict the concept of ARC. Payroll department can not authorize and have custody of same cheques.
It should be give to any independent person other than parties who have ARC functions.
Going over a Becker MCQ concerning segregation of duties. Please let me know if you have a correct answer.
If a payroll clerk distrubutes signed payroll checks, and there are checks left undistributed... why is it not ok to return these checks to the payroll dept?
In a real life scenario, who would take the unclaimed checks?
How important are the flow charts for exam point of view?especially financing and investing transaction cycles?
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