Internal controls and risks. Several risks are paired with potential internal controls in the list below. Place an “X” in the appropriate column to indicate if the internal control addresses the risk with which it is paired. Be prepared to explain your responses.
| Does the control address the risk? | ||
Risk | Control | Yes | No |
1. Sales are lower than expected | Echo checks |
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2. Salesperson extends credit limit | Separation of duties |
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3. Customer exceeds credit limit | Employee background checks |
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4. Order is filled incorrectly | Adequate supervision |
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5. Merchandise is damaged during shipment | Sequentially numbered bill of lading |
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6. Merchandise is shipped to the wrong address | Shipping via common carrier |
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7. Customer is billed prematurely | Document matching |
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8. Customer bill contains mathematical errors | Bank reconciliation |
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9. Mailroom clerk steals cash from bank deposit | Employee bonding |
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10. Uncollectable accounts exceed estimates | Video surveillance |
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