Corporate credit cards 457
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A quick rather tiny issue, but how is the general opinion about key
staff having corporate credit cards. Does SOX prevent this, or is just
a matter of having set-up the appropriate accounting rule (and if so, which?)
Thanks for any input.
Al
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SOX doesn’t forbid it, but…
It is a risk so there needs to bee proper accounting treatment.
F.E.:- Expenses on cards are booked on suspense account
- Based on receipts and expense reports signed of by the claimer and his manager expenses are booked against the expense accounts in the G/L and the suspense account is credited.
- Periodically reconciliations of this suspense account are performed
- Recs. are reviewed and approved.
Because of this being a expensive procedure, you don’t like to have many credit cards
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Thanks a lot.
It will be very few key persons then