Professor Elam

2 responses to “Internal Controls and the Lack of Segregation of Duties”

1. 

   Edwardo Rios

   January 7, 2015

   The company I work for currently is very pro internal control…can make for very slow days then followed by very hectic days of catch up on reports because changes to the books must be created then approved before finally being changed.
   In regards to the “Where were the Auditors” post, did the guy who wrote the checks also do the bank reconciliations? I would think that the person doing the reconciliations would notice the paid out checks being sent back with an employee’s name listed as the recipient.

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2. 

   Dennis Elam

   January 8, 2015

   I would guess that he did the bank reconciliation or had control over the group that did. As you say otherwise it would have been obvious something was not right.

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