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As an Accounting Information System expert, you provide consultancy services to various clients in Australia. MPS Limited is one of your clients, and Miss
As an Accounting Information System expert, you provide consultancy services to various clients in Australia. MPS Limited is one of your clients, and Miss Angela, the head of its accounting department. is concerned about the revenue cycle's business processes and data related operations. Therefore, she has recently contacted you to evaluate their revenue cycle. You asked Miss Angela to provide the system flowchart of the business activities involved in their revenue cycle. Miss Angela has prepared the following Figure 1: System Flowchart for you. Sese Figure 1. System Flowchart of the Revenue Cycle Activities Required: a Describe potential internal control weaknesses in the above activities of MPS Limited. by Discuss the potential risks associated with the internal control weaknesses identified in Section (A) above. o Based on Section (B) above, what types of frauds are possible. Hint: we have discussed different types of frauds in the interactive tutorial and lectures. Your discussion should be hased on these contents.
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