1. TASK: Insert the appropriate word in the text below:
broken down - control - eliminating - issued
prevent - prohibits - reconciled - segregation
Improper Segregation of Duties
______________ of duties is a type of internal control created to ______________ or reduce the occurence of omissive errors or fraud. No single employee should have complete ______________ over all components of a transaction. This concept can be ______________ into four categories: authorization, custody, record keeping and reconciliation. A separate individual should be in charge of each aspect of this process ______________ exclusive control over the asset.
Inadequate Review of Procurement Card Purchases
Procurement cards are ______________ as an effort to reduce costs on large volumes of small dollar purchases, reduce delivery time and eliminate order forms. This policy ______________ the purchase of certain items such as alcohol, gifts, hazardous materials, hotels, weapons, etc. It is essential that receipts are ______________ to statements on a monthly basis by the cardholder and the cardholder's supervisor.
2. CHECK YOUR SPEAKING
|
broken down |
brokən dawn |
деталізований |
|
control |
kəntrol |
контроль |
|
eliminating |
əlɪmənetɪŋ |
той, що усуває |
|
issued |
ɪʃud |
випущений |
|
prevent |
prɪvɛnt |
запобігати |
|
prohibits |
prohɪbəts |
забороняє |
|
reconciled |
rɛkənsajld |
звірений |
|
segregation |
sɛgrəgeʃən |
поділ |
3. SEE CORRECT ANSWER
Improper Segregation of Duties
Segregation of duties is a type of internal control created to prevent or reduce the occurence of omissive errors or fraud. No single employee should have complete control over all components of a transaction. This concept can be broken down into four categories: authorization, custody, record keeping and reconciliation. A separate individual should be in charge of each aspect of this process, eliminating exclusive control over the asset.
Inadequate Review of Procurement Card Purchases
Procurement cards are issued as an effort to reduce costs on large volumes of small dollar purchases, reduce delivery time and eliminate order forms. This policy prohibits the purchase of certain items such as alcohol, gifts, hazardous materials, hotels, weapons, etc. It is essential that receipts are reconciled to statements on a monthly basis by the cardholder and the cardholder's supervisor.
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