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Please answer 1-10 correctly and completely- Audit related In an integrated audit, the auditor must issue an opinion on management's assessment of internal controls. In
Please answer 1-10 correctly and completely- Audit related
In an integrated audit, the auditor must issue an opinion on management's assessment of internal controls. In testing internal controls, it is important for the auditor to be able to identify potential strengths and weaknesses and the internal control procedures that should be implemented to prevent or detect the error or irregularity Required: Review the flow chart for this project. For each internal control statement, classify it as either a strength or weakness in the control system Internal Control Statement 1. The Sales Clerk accepts orders and prepares a multipart sales order. 2. Checks are deposited weekly by the Collection Clerk. Strength Weakness 3. Invoices are prepared by the credit department. 4. The credit department is responsible for approving customer credit. 5. Products are shipped by the Warehouse Clerk based on a sales order received directly from the Sales Clerk. 6. Invoices are prepared based on the approved sales order 7. The collection clerk stamps "for deposit only"on checks as they are received from the customer. 8. Sales orders, shipping advices, and invoices are matched by billing. 9. The accounting clerk posts the sales transactions to the general ledger and the subsidiary accounts receivable ledger 10. The accounting clerk records the sales transaction in the sales journalStep by Step Solution
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