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1. When maintaining an audit trail of changes to the vendor master file, which of the following should be recorded? I. Who requested the change; II. Who actually made the change; III. The date the change was made.
A) I, II, and III
B) I and II only
C) I and III only
D) II and III only
2. Evaluated Receipt Settlement (ERS) requires which of the following?
A) PO and Invoice
B) PO and Receipt
C) PO, Receipt, and Invoice
D) Receipt and Invoice
3. Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:
A) Checking government sanction lists
B) Confirmation of a physical address
C) Verifying that vendors are bonded
D) Requiring a W-9
4. Good vendor master file practices include each of the following, EXCEPT:
A) Deleting and re-entering vendors that move
B) Having a vendor verification program
C) Finding and consolidating duplicate vendors
D) Blocking inactive vendors after a certain period
5. When auditing expense reports, one thing to pay particular attention to is:
A) Highly itemized receipt details
B) Amounts just below the approval threshold
C) Restaurant receipts that include client names
D) Airfare expenses in combination with hotel costs
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |
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