identify 3 internal controls and fully explain them in terms of internal control objectives, the functions that internal controls preform, the seven internal control activities , segregation of duties(if applicable) and how they work. (You will need to write 3 to 5 sentences for each internal control. )
CASH RECEIPTS Receipt of Cash (Jim Adams) Deposit (Ray Kramer) Deposit Validation (Nancy Ford Receive check deposit receipt from bank Checks receved for cash sales include customer purch. ord Check Adams is assisted here by Ford Agree deposi nocoigt and To A P 18 Check Prepare pne ist to cash depost sip or each receipts Enter on prelist Check (aidated depost Cash receipts prels Cash NT Make entry cash receipts To bank, each day cash Only oolections on a diary ledger Puled monthy for bank recon Cash recepts prelist edger NT File Description NT Numerically, temporary 21 SALES Shipping and Billing Nancy Ford Receive customer purchase order For cash sales, see cash receipts fowchart first From A Prepare Consuit current price list See note below Kramer approves crect and intials approval on cust. purchase order (credt sales only) sales voice purchase order Adams rev and support documents for accuracy Intials invoice iews irwoice Note partial shipmerts and out-of-stook tems Pick tems fronm for subsequent backnventory and order shipments il order Ship customer order Prepare bil of ales invoice 4 Sales invoice3 To B P 19 Serves as Sales invoice 2 Sales invoice 1 Bil of lading Cust purch order 2 of lading 2 Bit of ladirg 1 Bl of lading To customer with To customer with freight Mailed to cuetomer Note Waren uses different invoices for cash sales than for credit sales. The two types of documents are similar and the two types of sales transactions are processed similarly, except where shown in the flowcharts. File Description N Numerically Customer 18 CASH RECEIPTS Receipt of Cash (Jim Adams) Deposit (Ray Kramer) Deposit Validation (Nancy Ford Receive check deposit receipt from bank Checks receved for cash sales include customer purch. ord Check Adams is assisted here by Ford Agree deposi nocoigt and To A P 18 Check Prepare pne ist to cash depost sip or each receipts Enter on prelist Check (aidated depost Cash receipts prels Cash NT Make entry cash receipts To bank, each day cash Only oolections on a diary ledger Puled monthy for bank recon Cash recepts prelist edger NT File Description NT Numerically, temporary 21 SALES Shipping and Billing Nancy Ford Receive customer purchase order For cash sales, see cash receipts fowchart first From A Prepare Consuit current price list See note below Kramer approves crect and intials approval on cust. purchase order (credt sales only) sales voice purchase order Adams rev and support documents for accuracy Intials invoice iews irwoice Note partial shipmerts and out-of-stook tems Pick tems fronm for subsequent backnventory and order shipments il order Ship customer order Prepare bil of ales invoice 4 Sales invoice3 To B P 19 Serves as Sales invoice 2 Sales invoice 1 Bil of lading Cust purch order 2 of lading 2 Bit of ladirg 1 Bl of lading To customer with To customer with freight Mailed to cuetomer Note Waren uses different invoices for cash sales than for credit sales. The two types of documents are similar and the two types of sales transactions are processed similarly, except where shown in the flowcharts. File Description N Numerically Customer 18
