The general ledger setup function in an enterprise resource
package (ERP) allows for setting accounting periods. Access
to this function has been permitted to users in finance, the
warehouse and order entry. The MOST likely reason for such
broad access is the:
A. need to change accounting periods on a regular basis..
B. requirement to post entries for a closed accounting period.
C. lack of policies and procedures for the proper
segregation of duties.
D. need to create/modify the chart of accounts and its
allocations.
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Answer: C
Setting of accounting periods is one of the critical
activities of the finance function. Granting access to this
function to the personnel in the warehouse and order entry
could be because of a lack of proper policies and procedures
for the adequate segregation of duties. Accounting periods
should not be changed at regular intervals, but established
permanently. The requirement to post entries for a closed
accounting period is a risk. If necessary this should be
done by someone in the finance or accounting area. The need
to create/modify the chart of accounts and its allocations
is the responsibility of the finance department and is not a
function that should be performed by warehouse or order
entry personnel.
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