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Business, 19.06.2020 00:57 fgaef9877

Bank employees use a system known as the "maker-checker" system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry. These days, as all of a bank’s accounts are computerized, the employee first enters a batch of entries into the computer, and then the entries are posted automati- cally to the general ledger account after the supervisor approves them on the system. Access to the computer system is password-protected and task-specific, which means that the computer system will not allow the employee to approve a transaction or the supervisor to record a transaction. Instructions Identify the principles of internal control inherent in the "maker-checker" procedure used by banks.

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