Revenue Cycle Case (Chapter 5) You are a CPA and a consultant employed by a major international CPA firm. Your office has been hired to audit the financial statements of a new client. The audit partner has approached you to comment on the new client's internal controls for the revenue cycle. Attached is the systems flowchart for the revenue cycle. Required: In a memo directed to the audit partner, describe the control weaknesses shown in the flowchart and discuss the risks associated with those weaknesses. This assignment is worth 25 points. Your response should be professionally written with little reliance on point form. Format: $ 1 - 2 pages ( clowble spared ) ' .typed memo To : Audit Partner From: CPA Date: Oct. 11, 2021 Subject: Reviews Internal Controls for X12. Co. . Introduction: - Purpose of the memo . Discussion / Analysis - Use expertise to review I asset the internal control weaknesses & risks associated with the sales cycle flowchart - offer recommendations where possible . Conclusion . - Conclusion summarizes risks/ weaknesses $ offers recommendation . Tone of the memo . Audience of the memoSales Department Accounting Department Warehouse Shipping Department Sales Customer Sales Stock Packing Release Slip Order Order Stock Packing Release Slip Packing Customer Slip Order Reconcile Packing slip and AR Sub Sales order, send Ledger Pick Goods, goods to Carrier, Update Record in Shipping Approves Bill Customer Inventory. Inventory log, credit, prepare Update send goods to Sub ledger Sales Accounts Shipping Shipping Log documents AR Control Sales Order Stock Packing Sales Stock Release Slip Sales Order Release Carrier nvoice Packing Sales Slip Order Stock Release Packing Slip Add prices and Sales Invoice taxes, Bill Sales Customer and Journal record Sale Sales @ Cengage Learning Invoice Customer