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Question 83 - CISA discussion

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An IS auditor is planning an audit of an organization's accounts payable processes. Which of the following controls is MOST important to assess in the audit?

A.
Segregation of duties between issuing purchase orders and making payments.
Answers
A.
Segregation of duties between issuing purchase orders and making payments.
B.
Segregation of duties between receiving invoices and setting authorization limits
Answers
B.
Segregation of duties between receiving invoices and setting authorization limits
C.
Management review and approval of authorization tiers
Answers
C.
Management review and approval of authorization tiers
D.
Management review and approval of purchase orders
Answers
D.
Management review and approval of purchase orders
Suggested answer: A

Explanation:

The most important control to assess in an audit of an organization's accounts payable processes is segregation of duties between issuing purchase orders and making payments. Segregation of duties is a principle that requires different individuals or departments to perform different tasks or functions within a process, in order to prevent fraud, errors, or conflicts of interest. In the accounts payable process, segregation of duties between issuing purchase orders and making payments ensures that no one person can initiate and complete a transaction without proper authorization and verification. This reduces the risk of duplicate payments, overpayments, unauthorized payments, or payments to fictitious vendors.

Accounts payable controls

Accounts Payable Internal Controls: A Simple Checklist

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asked 18/09/2024
Steve Marechal
37 questions
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