Match each threat in the first column to an appropriate control procedure in the second column....
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Match each threat in the first column to an appropriate control procedure in the second column. Choose the most relevant control for each threat. Only one control for each threat is allowed. Threat 1) Sending incorrect merchandise 2) Crediting customer payment to wrong account 3) Giving goods away for free 4) Sales made to customers with poor credit 5) Data entry errors by warehouse staff 6) Theft of customer payments 7) Fire damage to computer centre 8) Inventory shrinkage due to theft by staff 9) Failing to take advantage of purchase discounts 10) Purchasing goods from unauthorised suppliers Control Procedures a) File invoice by due date b) Credit sales approved by credit manager c) Reconcile sales orders to packing slips d) Periodically review lists of approved vendors for unapproved changes e) Use bar-code scanners f) Document inventory transfers 18 regate shipping and billing functions site data storage of backup files i) Closed-loop verification j) Install a surveillance CCTV system Match each threat in the first column to an appropriate control procedure in the second column. Choose the most relevant control for each threat. Only one control for each threat is allowed. Threat 1) Sending incorrect merchandise 2) Crediting customer payment to wrong account 3) Giving goods away for free 4) Sales made to customers with poor credit 5) Data entry errors by warehouse staff 6) Theft of customer payments 7) Fire damage to computer centre 8) Inventory shrinkage due to theft by staff 9) Failing to take advantage of purchase discounts 10) Purchasing goods from unauthorised suppliers Control Procedures a) File invoice by due date b) Credit sales approved by credit manager c) Reconcile sales orders to packing slips d) Periodically review lists of approved vendors for unapproved changes e) Use bar-code scanners f) Document inventory transfers 18 regate shipping and billing functions site data storage of backup files i) Closed-loop verification j) Install a surveillance CCTV system
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Solution Threat 1 Uncollectible sales 2 Mistakes in shipping orders to customers 3 Crediting custome... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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