Ch. 14 Exercise-8 x 1.5 pts each-Due on Dec. 22 Name: Class: ACCT 431 at 1 PM or ACCT 431 at 2 PM Using the flowchart on p. 454 in Fig. 14-3 for the Sales and Cash Receipt Cycle list the presence of 8 internal controls. Also, for each internal control that you choose state the purpose of how it helps to reduce financial statement misstatement or asset misappropriation. Presence of Internal Control Comment on the Purpose of the Internal Control to reduce misstatements and misappropriations 1. 5. 7. 8.