Question
The following are misstatements that can occur in the sales and collection cycle. Identify one automated control that would have likely prevented each misstatements from
The following are misstatements that can occur in the sales and collection cycle. Identify one automated control that would have likely prevented each misstatements from happening. a. During the night, a company lost power, which advertently wiped all of the previous days entries and sales from their records. The company does not regularly back up their data. b. A former employee created a fictitious account for a supplier and deposited the money paid for invoices into this account. c. A data entry operator attempted to change customer information; however a glitch in the computer program deleted the customers profile. d. A computer virus scrambled some of the contact information for several customers which resulted in packages being send to incorrect addresses.
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