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Question: The accounts payable department is responsible for processing payment of invoices for vendors. A number of internal controls should be in place to ensure that this department is not subjected to fraud schemes. Which do you consider the more significant step in establishing strong internal control over accounts payable transactions:

(1) the approval of an invoice for payment or

(2) the issuance of a check in payment of an invoice? Explain your reasoning.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92688551

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