find threats or safeguard

SALES CONTROL SYSTEM Q #1 You are the job-in-charge on the audit of Sambar (Private) Limited (SPL), engaged in production and marketing of textile products. Your team has performed a walkthrough of the sales and receivable process which is summarized as follows: (i) SPL has employed a Sales Representative (SR), who is responsible for finding new customers and taking orders from all customers. (ii) Orders are recorded on a pre-numbered order form duly signed by the customers. After taking the customer order, SR mentions the maximum credit limit and credit time after verbally confirming them with the Director Operations, on the order form.SR then forwards one copy of the order form to the warehouse and another copy to the Factory Accountant (FA). (iii) Warehouse supervisor dispatches the completed order from the warehouse, accompanied by a manually prepared pre-numbered delivery note. He keeps a copy of delivery note and sends another to FA. (iv) FA manually prepares a pre-numbered invoice using the details mentioned on the order form. FA also ensures that the customer should not exceed the maximum credit limit after the new order. FA normally sends one copy of invoice to the customer along with the delivery note and keeps the second copy along with the order form in the record of accounts department. However, due to delay in receiving the order information, invoice is sometime sent after the delivery. (v) Each Friday, FA inputs the week's invoices into the computerized accounting software. At each month end, FA prepares age analysis and follows-up with customers who have not paid within their credit time. Required: Identify the deficiencies in sales controls process of SPL and give your recommended response to SPL. indentify deficiency or recommendations. || SALES CONTROL SYSTEM Q #1 You are the job-in-charge on the audit of Sambar (Private) Limited (SPL), engaged in production and marketing of textile products. Your team has performed a walkthrough of the sales and receivable process which is summarized as follows: (i) SPL has employed a Sales Representative (SR), who is responsible for finding new customers and taking orders from all customers. (ii) Orders are recorded on a pre-numbered order form duly signed by the customers. After taking the customer order, SR mentions the maximum credit limit and credit time after verbally confirming them with the Director Operations, on the order form.SR then forwards one copy of the order form to the warehouse and another copy to the Factory Accountant (FA). (iii) Warehouse supervisor dispatches the completed order from the warehouse, accompanied by a manually prepared pre-numbered delivery note. He keeps a copy of delivery note and sends another to FA. (iv) FA manually prepares a pre-numbered invoice using the details mentioned on the order form. FA also ensures that the customer should not exceed the maximum credit limit after the new order. FA normally sends one copy of invoice to the customer along with the delivery note and keeps the second copy along with the order form in the record of accounts department. However, due to delay in receiving the order information, invoice is sometime sent after the delivery. (v) Each Friday, FA inputs the week's invoices into the computerized accounting software. At each month end, FA prepares age analysis and follows-up with customers who have not paid within their credit time. Required: Identify the deficiencies in sales controls process of SPL and give your recommended response to SPL. indentify deficiency or recommendations. ||