It was in the middle of winter of 2020 when Covid 19 was at its worst in South Africa. Sophie was thinking of how to ensure that her business remains sustainable. Her business is a well-known luxury handbag store in the middle in Sandton. Sales were at its lowest due to restrictions in place. She decided to take her business online like many of her competitors but also wants to keep her store operating. Sophie was concerned about the financial impact if this transition is not done properly when comes auditing time.

Propose the basic functions of the Revenue and Receipt Cycle that Sophie must adhere to when taking her business online for it to remain compliant to the International Standards. 20 marks