02 of 10
Internal Frauds could be perpetrated on
account of which of the following
options? (Select all the applicable options)
*Purposeful maker-checker collusion
*Absence of a proper maker-checker
arrangements
*Segregation of duties
*End of day reconciliations
Answers
purposeful maker checker collusion
Answer:
Along with the question the correct response for this question is option (a) that is purposeful maker checker collusion.
Explanation:
According to the maker and checker principle, at least two people are required for the completion of every transaction. While one person can initiate a transaction, the other person should be involved in its confirmation or authorisation. A maker-checker procedure adds a second set of eyes and aids in identifying items that seem odd, suspicious, or inaccurate. Dual approval undoubtedly helps safeguard your company, but it also guards against unintentional mistakes and procedural deviations made by your staff.
The role of the checker is to approve transactions. The creation or beginning of a transaction is the maker function.
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