Discuss the importance of accounting independence in accounting information systems. Give an example of where this concept

Discuss the importance of accounting independence in accounting information systems. Give an example of where this concept is important (use an example other than inventory control).

Expert Solution

Accounting independence is important because the separation between the record-keeping functions and the physical resources is crucial. This concept is extremely important for cash receipts operations. The person in charge of deposits of currency and check receipts should not be allowed to reconcile the sales records to the cash deposits and/or the bank account. If these duties are not separated, then the cash receipts clerk can steal money and cover it up during the reconciliation process.

If these duties are not separated, then the cash receipts clerk can steal money and cover it up during the reconciliation process.

Junaid answered 10 months ago

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