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List the weaknesses and suggest improvements in internal controls related to the revenue cycle. Identify weaknesses in the internal control structure relating to the activities
List the weaknesses and suggest improvements in internal controls related to the revenue cycle.
Identify weaknesses in the internal control structure relating to the activities of
1) warehouse clerk
2)bookkeeper #1
3)bookkeeper #3
4)collection clerk
SALES CLERK RECEIVES CUSTOMER ORDER BY PHONE PREPARES 4-COPY SALES ORDER SALES ORDER SALES ORDER SALES ORDER SALES ORDER CONFIRMATION TO CUSTOMER 4 3 2 1 BY NUMBER WAREHOUSE CLERK SALES ORDER PREPARES SHIPPING ADVICE SHIPPING ADVICE SALES ORDER STAMPS SALES ORDER #2 WITH DATE SHIPPED 2 SALES ORDER (DATED) RELEASES LUMBER TO CARRIER 2 2 TO CUSTO- MER BOOKKEEPER #1 SALES ORDER AUTHORIZED CUSTOMER'S CREDIT APPROVED SALES ORDER PREPARES 3-COPY INVOICE INVOICE INVOICE INVOICE 3 2 1 1 BOOKKEEPER #2 APPROVED SALES ORDER 1 INVOICE MATCHES INV. & APPROVED SALES ORDER INFORMATION BY CUSTO- MER FOOTS & POSTS TO GENERAL LEDGER GENERAL LEDGER INVOICE CUSTOMER CHECK STAMPS POSTS TO "FOR RECORDS DEPOSIT ONLY" BY NUM- BER SALES JOURNAL DAILY POST TO $ COPY OF RECORDS SALES JOURNAL SUBSIDIARY ACCOUNTS CASH REC. JOURNAL RECEIVABLE WEEKLY COPY OF CASH REC. JOURNAL COLLECTION CLERK 3 FROM MAIL DEPOSITS CHECKS WEEKLY CLERK
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1 The warehouse clerk may be able to issue credits to customers without the approval of the book kee...Get Instant Access to Expert-Tailored Solutions
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