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The following is written in the answer:
A finance clerk is responsible for several elements of the cash receipts system as she posts the bank transfer receipts from the bank statements to the cash book, updates the sales ledger and performs the bank reconciliations.
There is lack of segregation of duties.
Errors will not be identified on a timely basis. There is also an increased risk of fraud.But something like this was mentioned in the examiner’s report that : writing increased risk of fraud and error will not score marks. So this type of statement which is written in the examiner’s report seems contradictory to what is written in the answer.
Also what could be a better explanation for this deficiency rather than this general comment of error and fraud
The examiner is saying that “There is an irisk of fraud and error. ” as an example of s rote-learnt phrase, will not be credited.
If this phrase will not be credited then why is it given as an explanation of this control deficiency in the answer
That phrase is not in the answer – the answer says:
“There is a lack of segregation of duties
and errors will not be identified on a
timely basis.” This would be 1 mark
The additional “There is also an increased risk of fraud.” I suggest would be 1/2 mark only (as there is no elaboration).
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