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#367619 - 06/03/05 05:18 AM Simultaneous verification
Anonymous
Unregistered

A cash shortage may be concealed by transporting funds from
one location to another or by converting negotiator assets to cash becase of simultaneous verification.

What is the difference if we put simultaneous confirmation
insteaed of simultaneous verification?

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Audit
#367620 - 06/03/05 05:02 PM Re: Simultaneous verification
Anonymous
Unregistered

What the heck are you talking about?

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#367621 - 06/03/05 08:36 PM Re: Simultaneous verification
GrapeApe Offline
Junior Member
Joined: May 2005
Posts: 42
The Bluegrass State
I was wondering the same thing

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#367622 - 06/03/05 09:12 PM Re: Simultaneous verification
J2C Offline
Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
me too. None of that is in my language.
_________________________
My opinion is mine only- not my employer's!


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#367623 - 06/03/05 10:18 PM Re: Simultaneous verification
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
My guess is that anon is saying that if you reconcile (confirm), for example, two due-from accounts at different times, it's possible that an inappropriate entry could be hidden by moving it from one to another in the interim. The solution, as I see it, is to reconcile them at the same time, and to trace all material reconciling items to clearing and to also vouch that entry.

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#367624 - 06/04/05 01:52 PM Re: Simultaneous verification
J2C Offline
Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
Glad to see someone understood that question.
_________________________
My opinion is mine only- not my employer's!


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#367625 - 06/06/05 01:23 PM Re: Simultaneous verification
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Well, I think I might have understood the context, but I don't understand the question (difference between confirmation and verification).

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