Question

Which controls are designed to minimize the risk of making duplicate payments? (Check all that apply.)

A.Restrict access to blank checks
B.Require a complete voucher package before issuing payment
C.Pay only from original copies of supplier invoices
D.Use "Positive Pay" arrangements with banks
E.Regularly reconcile the bank account

Answer 1

Controls designed to minimize the risk of duplicate payments include restricting access to blank checks, requiring a complete voucher package, and using "Positive Pay" arrangements with banks.

Step-by-step explanation:

The controls that are designed to minimize the risk of making duplicate payments include:

• Restrict access to blank checks: By limiting access to blank checks, it reduces the chances of unauthorized individuals making duplicate payments.
• Require a complete voucher package before issuing payment: By requesting a complete voucher package, including necessary documents and approvals, it helps ensure that payments are accurate and prevent duplicates.
• Use "Positive Pay" arrangements with banks: Positive Pay is a fraud prevention service offered by banks. It matches the information on each check presented to the bank with a list of checks issued by the company. This helps identify any duplicate payment attempts.