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The risks of “paperless” bank checks

✍ Scribed by Delwyn D. DeVries; Jack E. Kiger

Publisher
John Wiley and Sons
Year
2005
Tongue
English
Weight
56 KB
Volume
16
Category
Article
ISSN
1044-8136

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✦ Synopsis

Abstract

Are your auditors ready for the latest electronic revolution—Check 21? The Check Clearing for the 21st Century Act (Check 21) hastens the use of substitute bank checks. The substitutes consist of an electronic image of the front and back of checks presented for payment. And neither banks nor the disbursing party can require return of an original (paper) check. What risks do companies face from this “paperless” system? What new internal controls must firms establish? And since auditors won't be able to use paper checks as evidence of payment, what will they do? © 2005 Wiley Periodicals, Inc.

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