CHAPTER 22
Small Organizations—Providing Internal Control
(b) Control over Disbursements
22.3 Some Basic Controls
(b)Control over Disbursements
p. 396, numbered list. Change the number “5” to a “1.”
p. 397, numbered list. Change the number “6” to a “2.”
(c) Other Areas of Control
p. 397, numbered list. Change the number “7” to a “1.”
*p. 397, last paragraph. Third sentence should read:
If the bookkeeper is unable to write such amounts off, someone will eventually ask why the “receivable” has not been paid, and this should trigger correspondence that would result in the fraud being discovered.
p. 398, numbered list. Change the number “8” to a “2.”
p. 398, numbered list. Change the number “9” to a “3.”
22.4 Fidelity Insurance
p. 398, first paragraph. Second sentence should read: “The purpose of fidelity insurance is to ensure that the organization will recover if a loss from embezzlement occurs.”
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