[cnjones20]

What are the implications of having the same person performing accounts payable and accounts receivable functions?

Thank you so much, I am having a hard time finding this:)

[Curlyben]

This contravenes SOX 404 and segregation of duties.
These functions MUST be separate to ensure transparency and security of the accounts.

[Sues Lab]

What are the implications of having the same person performing accounts payable and accounts receivable functions?

Thank you so much, I am having a hard time finding this:)

Not understanding your question, are you doing both of these?

[morgaine300]

Sues Lab, it's a typical homework question. Also meaning the poster should be attempting to answer their own work first instead of having us do it for them.

It's in a chapter somewhere that is introducing some internal control concepts, so that's what the "implications" are -- about internal controls.

[delite]

What are the implications of having the same person performing accounts payable and accounts receivable functions?

Thank you so much, I am having a hard time finding this:)

There is no separation of duties in an area where the company derives its prime cash flow,one person in charge can manipulate the receivables and liabilities in a format they if they wished and left unchecked can result in serious fraud situations wherein money is not accounted for. NEED internal controls.