Signify TRUE or FALSE as applicable for each of the following items as they pertain to an ideal internal control system. An ideal internal control system cannot t undermined by collusion among individuals.
- Accounting department personnel should not perform any other operational functions.
- The employee who signs checks should not reconcile the bank account.
- The employee who prepares checks should not reconcile the bank account.
- The employee who prepares checks should not sign checks.
- The employee who physically handles inventory should not authorize payment for it.
- The employee who physically handles inventory should not place orders with vendors.
- The employee who places orders with vendors should not authorize payment fc them.