Prepare a document flowchart to depict the following partial process from the Purchasing transaction cycle of Smith Corporation. When raw materials are needed for production, the factory manager sends a written request (requisition form) to the Purchasing Department to initiate the ordering process with the vendor. A copy of this form in kept with the factory manager and the file is organized by date of the request. For orders above $10 thousand, a written approval from the CFO is needed for the Purchasing Dept to proceed to placing the Purchasing Order "PO") with the vendor. The process in the CFO order is for staff to initially review the request and to tract the cumulative amount of PO's issues for raw materaials for the quarter. Assuming everything looks in order, the request is forwarded to the CFO for signature. If there are problems with the request, the staff will loop back to the Purchasing Department for clarification. Once the signed approval is in hand, the Purchasing Dept issues the PO and staples a copy of the PO to the approval form and also to a copy of the initial request - all of these are filed by vendor name. As a courtesy (or "heads up"), the Purchasing Dept also send a copy of the PO to the accounts payable Dept to help the financial people forecast cash flow/liquidity. Additionally, please answer the following questions:

Do you see a good control or two in place?

Do you remaining risks as to efficiency or similar attricbute relative to the current state of the process described above?

What are the actual documents generated in this process?

If you were auditing this process, where might be the best place to look first? Why?

Any improvements you might suggest to the process from an advisory perspective?