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#2193387 - 09/21/18 05:51 PM Asset
Feeney Offline
New Poster
Joined: Dec 2009
Posts: 9
Florida
Is it appropriate for the person that is allowed to adjust a fixed asset to also be allowed to run depreciation of the asset? I'm trying to determine the risk of allowing one person to do both.

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#2193423 - 09/21/18 07:59 PM Re: Asset Feeney
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,425
Florida
You may want to check with your CPA firm that assists with taxes and controls. They understand the bank and will be opining on the controls too.
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#2193442 - 09/21/18 08:53 PM Re: Asset Rocky P
Feeney Offline
New Poster
Joined: Dec 2009
Posts: 9
Florida
Thank you!

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#2193468 - 09/22/18 12:42 AM Re: Asset Feeney
Jweld72 Offline
New Poster
Joined: Jan 2016
Posts: 5
We are a small bank so that happens here. I'm the Controller and I have one employee. She inputs and edits Fixed Assets and then runs depreciation monthly. I review all reports from the Fixed Asset System and verify we balance to the General Ledger. Our CPA's have not had a problem with this.

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#2193493 - 09/24/18 12:25 PM Re: Asset Feeney
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,402
To me there is not a lot of risk here. I assume the entries being posted to the general ledger are being reviewed and approved.

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