Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

a. Identify the internal control weaknesses in the following internal control practices, and suggest corrective action: i.) While reviewing the records of Discount Pharmacy, you

a. Identify the internal control weaknesses in the following internal control practices, and suggest corrective action:

i.) While reviewing the records of Discount Pharmacy, you find the same employee orders goods and approves invoices for payment. [3 marks]

ii.) The finance manager who signs cheques does not examine the document set because the accounting department has matched the invoice with other supporting documents. [3 marks]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Interpreting and Analyzing Financial Statements

Authors: Karen P. Schoenebeck, Mark P. Holtzman

6th edition

132746247, 978-0132746243

Students also viewed these Accounting questions