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Problem 8. INTERNAL CONTROL Using the flowchart for problem 8 of a purchases system, identify six major control weaknesses in the system. Discuss the unmitigated
Problem 8. INTERNAL CONTROL Using the flowchart for problem 8 of a purchases system, identify six major control weaknesses in the system. Discuss the unmitigated risks associated with each weakness.
PROBLEM 8: PHYSICAL CONTROLS Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursements General Ledger Purchasing Prepares Three Copies of PO Goods Antive from Vendor with Parking Slip Purchase Order Packing Invoice Invoice Update Purchase Order Inventory Ledger Record Liability Check Copy Inventory Purchase Purchase Order Order Receiving Update Inventory Ledger General Ledger Invoice Invoice Check Copy Check Invoice Check Copy Check Copy Check Step by Step Solution
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