Question

Describe a control that you learned or your company has put in place for one of the expenditure activities.

Answer 1

My company is a telecom company where in the capital expenditues and operational expenditures are huge. To keep in check the authorization of all expenditures, a delegation of authority chart has been crafted. All expenditures are required to pass through a hierarchy of approvals which depends on the amount of the business process note, the indent , the purchase order, the invoice etc. This helps to prevent and detect any frauds which may have been incurred due to unauthorized expenditure.