Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 8. Internal Control Using the following flowchart for of a purchases system, identify SIX major control weaknesses in the system. Discuss each weakness. Guide
Problem 8. Internal Control
Using the following flowchart for of a purchases system, identify SIX major control weaknesses in the system. Discuss each weakness. Guide Questions and Notes - The process starts at the purchases department, is this where the whole P2P process should begin? - Check if the inventory ledger is updated using the appropriate accounting records - Check if the receiving department prepares the receiving report properly - Check if 3-way match is performed prior to posting invoices - Check if the proper reconciliation is performed prior to signing the checks - Check if GL has the necessary vouchers and documents in place prior to posting
Note: Give the 6 weaknesess and discuss the weakness usinh the guide questionsotes
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started