Question
Below statement, how to summarize of the statement? Potential problems in transactions if control system does not meet objectives include: Incorrect pricing used for customer
Below statement, how to summarize of the statement?
Potential problems in transactions if control system does not meet objectives include:
- Incorrect pricing used for customer services; services provided but not charged to
customers or recorded in the accounts; duplicate receipts recorded
2. Not all cash receipts are banked intact in a timely manner
3.Failure to claim reimbursements from health insurance companies on behalf of
clients, or claims for the wrong services
4.Ordering wrong supplies or sufficient supplies to meet demand
5.Failure to keep supplies safely locked away, as required
6.Failure to record purchase of supplies; payment for supplies not received; incorrect
cost of supplies recorded
7.Branch manager approves salary payments for hours not worked by staff, at wrong
rates, or for staff that do not work for the business
8.Failure to control costs such as electricity, through inefficient use of equipment
9.Equipment and furniture not accounted for, not kept secure at the premises, charging
depreciation on furniture and equipment no longer used by the business; failure to
record depreciation because equipment not recorded as asset
10.Repairs to furniture and equipment recorded as new purchases of assets; new
purchases recorded as repairs
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