LOL very memorable catchphrase. Thanks, I'm definitely going to bookmark this. And as far as a particular question I am stuck, most of those questions are in CPAexcel's AUD – Internal Controls – Transaction Cycles category. An example would be:
In a properly designed internal control structure, the same employee would most likely match vendors' invoices with receiving reports and also
A. Post the detailed accounts payable records.
B. Recompute the calculations on vendors' invoices.
C. Reconcile the accounts payable ledger.
D. Cancel vendors' invoices after payment
Answer: B
Explanation: This question pertains to segregation of duties. An employee responsible for matching vendor invoices with receiving reports is performing a step in the authorization process which will result in invoices being approved for payment. The same employee should not have responsibility for posting the accounts payable records, reconciling the accounts payable ledger, or canceling invoices after payment, as each would provide an opportunity for embezzlement or misappropriation to occur. It would be acceptable for the employee to recompute the calculations on vendors' invoices, which would be an additional step in the same authorization process.
Usually for questions like these, you have to identify which of the answers has the same duty in the segregation of duties as the person or department described in the question. But for this example, you add that (which is confusing by itself) on top of the fact that even if you have two duties both in the “authorization” category, they still have to be separated. Wuuuuuut?
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