Based on the flowchart below: Identify any control weaknesses in the process. Describe the risks associated...
Based on the flowchart below:
- Identify any control weaknesses in the process.
- Describe the risks associated with the control weaknesses.
- Describe the control techniques needed to reduce the risks.
Homework Answers
1.The control weakness here is the cost accounting department is functioning seperately instead of working integrated with production planning control depeartment.
2.This may lead to costing department product costing may go wrong and end up in incorrect pricing.
3. Costing department should function as a integrated part of production planning and control deparment
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Based on the flowchart below:
Identify any control weaknesses in the process.
Describe the risks associated...
Required: Describe the risks associated with the system depicted in the flowchart. Describe the physical controls...
Required:
Describe the risks associated with the system depicted in the
flowchart.
Describe the physical controls needed to mitigate each
risks.
Purchases Department Receiving Department Central Computer Facility Account Payable Department Warehouse Packing Slip D Vendor PO Invoice Rec Reprt Identify Items and Select Vendor Prepare Receiving report Accounting System Packing Slip Recomcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO have Hory Records Rec Reprt Rec Reprt PO Invoice D MECOURT Payable PO Rec Reprt...
Required: 1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe...
Required: 1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe the physical controls needed to mitigate each risks. Purchases Department Receiving Department Central Computer Facility Account Payable Department Warehouse Packing Slip Vendor C PO Invoice Rec Reprt Identity Items and Select Vendor Prepare Receiving report Accounting Systen Packing slio Reconcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO ventory Records Rec Reprt Rec Reprt PO Invoice MCCOUNT Payable PO Rec...
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Refer to the system flowchart and identify the internal control risks represented in it: Mail Room...
Refer to the system flowchart
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Create and Analyze a Process Flowchart A flowchart is a graphic representation of how a process works. For performance...
Create and Analyze a Process Flowchart
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For performance improvement purposes, a flowchart helps people
clarify how things are currently working and how they could be
improved. In this project you'll create a flow chart for a work
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Required:
Describe the risks associated with the system depicted in the
flowchart.
Describe the physical controls needed to mitigate each
risks.
Purchases Department Receiving Department Central Computer Facility Account Payable Department Warehouse Packing Slip D Vendor PO Invoice Rec Reprt Identify Items and Select Vendor Prepare Receiving report Accounting System Packing Slip Recomcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO have Hory Records Rec Reprt Rec Reprt PO Invoice D MECOURT Payable PO Rec Reprt...
Required: 1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe the physical controls needed to mitigate each risks. Purchases Department Receiving Department Central Computer Facility Account Payable Department Warehouse Packing Slip Vendor C PO Invoice Rec Reprt Identity Items and Select Vendor Prepare Receiving report Accounting Systen Packing slio Reconcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO ventory Records Rec Reprt Rec Reprt PO Invoice MCCOUNT Payable PO Rec...
Refer to the system flowchart
and identify the internal control risks represented in it:
Mail Room Clerk 1 Mail Room Clerk 2 Accounts Receivable Department Remittance Advice Check Remittance Advice Check Check Remittance List Remittance Advice AR Sub Ledger Open Mail and Reconcile Remit advice and Check Prepare Remittance List Distribute RA and Checks Reconcile, Record in Journal, and Accounts, Deposit Cash Cash Receipts Journal Remittance Advice Check Remittance List AR Control GL Cash Check Remittance List Remittance Advice Deposit...
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A flowchart is a graphic representation of how a process works.
For performance improvement purposes, a flowchart helps people
clarify how things are currently working and how they could be
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the process.
Hint: Look at each step in the process and ask yourself these
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Does the step wasted time?
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