- This topic has 5 replies, 2 voices, and was last updated 3 months ago by
.
- Posts
sir there is a question in march june 2023 : PETRA CO
there was a line in that question
“Upon passing these checks, new customers are set up by an accounting clerk in the receivables ledger master file and a credit limit is set by the finance director. The credit limits are only reviewed if an increase is requested by the customer.”now the question asked for deficiencies. it was clear that the credit limit not reviewed is a deficiency
but there is another thing that the accounting clerk has access to master file
now the answer didn’t mention it as deficiency, but why?
also in the examiner report they mentioned this as an irrelevant deficiency
but sir we have seen in many other questions that when the clerks have access to master file, it is a deficiency…. then why not in this case?The fact that someone junior (e.g. a clerk) has access to a master file is not in its self a deficiency – here there is clearly some scrutiny – the FD must be looking at the accounts when setting the credit limit.
You will have to give me a specific example of a question where it is a deficiency, in order to draw a distinction. I suspect it would be where the clerk in question had some conflicting duty/duties.
sir in that same question in purchase part
“All members of this department have full access to the supplier master file data.”
this is a deficiency mentioned“All members of this [purchasing] department have full access to the supplier master file data and are able to make changes.”
Even if ALL members required some access (e.g. for reference purposes), they wouldn’t all need FULL access and they should not ALL be able to make changes.
Sir there is another question amberjack s/d 2019
Where the receivable ledger has access to master file and it is given a deficiency SEPARATE from credit limit deficiencyA receivables ledger clerk records account receivable transactions and processes customer payments. As I wrote in my first response, there will likely be some conflict of duty/lack of segregation of duties if they can make changes to the master file. For example, a clerk could set up a customer account for a family friend and increase their credit limit.
- You must be logged in to reply to this topic.