Thanks Jim and everyone else that responded to the question. It has been very helpful.
-----Original Message-----
From: Jim Kaplan [mailto:[EMAIL PROTECTED]]
Sent: Thursday, August 15, 2002 9:26 PM
To: Carlsen, David; '[EMAIL PROTECTED]'
Subject: Re: Stamped Signatures
David,
Signature stamps are generally use for signing checks and the basic
principle is that the signature stamp should be kept in a secure location
and tightly controlled.
In the scenario you described it would be similar in that if someone were
to gain access to the signature stamp they could affix the signature to a
false time report. The result would be a fraudulent payment that was
allowed using an improperly controlled signature stamp.
Authorization and approval is a key internal control and must be handled in
an appropriate manner. The control and use of signature stamps must be
handled accordingly.
Following is a policy from a state university:
Signature Stamp Policy
An authorized signature provides key internal control, providing the
official signature means the
supervisor has examined and approved a transaction. In all instances of
authorization of funds or
compensation (i.e. employee travel reimbursement, purchase approval,
timesheets, etc.) the use of
signature stamps will not be permitted to replace a manual signature of an
employee."
At 09:51 AM 8/15/02 -0400, Carlsen, David wrote:
>Regarding stamped signatures, we have someone that has been using
>their's
>to approve items such as timesheets. I'm looking for specific guidance
>regarding these scenarios. I know it's not a wise practice from a control
>perspective. I just prefer some guidance support. Has anyone dealt with
>this?
>
>Regards,
>David
