Comprehensive Flowchart Analysis Discuss the internal control weaknesses in the expenditure cycle flowchart on page 316. Structure
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Comprehensive Flowchart Analysis Discuss the internal control weaknesses in the expenditure cycle flowchart on page 316.
Structure your answer in terms of SAS 78 control activities.
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Comprehensive Flowchart Analysis Cash Disbursements Employee Supervisor Payroll Clerk Time Card Time Card Time Card Check A Check Bank Processes Payroll and Vendor Checks Check Copy Approve and Sign Calculate Payroll. Prepare Payroll Summary, and Update Payroll Record Time Card Payroll Records Payroll Summary Check Review and Distribute Bank Update Cash Account Payroll Summary Approve Payroll Summary and Prepare Paychecks. Determine Due Dates for Vendor Payments from Invoice and Update AP. On Due Date Write Vendor Checks. Cash Disb Journal Accounts Payable Vendor Invoice Invoice Check Invoice Check Copy Check Check Check Copy B General Ledger B Check 2 Check Copy General Update General Invoice Cash Accounts General Ledger Ledger Accounts
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