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Question:

order from his terminal and reconciles it to the pack- ing slip. The clerk then manually creates a two-part, hard-copy receiving report. One copy of the receiv- ing report is sent to inventory control and the other is sent to the purchasing department. The packing 5. RISK ANALYSIS AND INTERNAL slip is sent with inventory to the warehouse. CONTROL When the purchasing agent receives the receiving The following describes the purchases and cash dis- report, he closes the digital PO record and adds a record bursements procedures for a lawn and garden supply to the digital receiving report file. He then destroys the wholesaler that uses a central computer system with hard-copy receiving report, which is no longer needed. distributed terminals in departments. Upon receipt of receiving report copy, the inven- The inventory control clerk visually reviews tory control clerk updates the inventory subsidiary inventory levels from his computer terminal to iden- ledger to record the receipt. The clerk then destroys tify items that need to be ordered. He then prints and the hard-copy receiving report. sends a hard-copy purchase requisition for the needed Vendors send hard-copy invoices to the AP clerk items to the purchasing agent. Based on the requisi- for processing. When the clerk receives an invoice, tion, the purchasing agent selects a vendor and adds a she reconciles it with the digital purchase order and digital record to the purchase order file from his ter- receiving report. She then selects a due date and adds minal in the purchasing department. The clerk then a record to the vendor invoice file, which serves the prints a hard copy of the purchase order and mails it AP subsidiary ledger. The clerk then files the invoice to the vendor. Finally, the purchasing agent destroys in the department. the purchase requisition, which is no longer needed On the due date the computer system automatically since the relevant details are on the PO. prints a check, mails it to the vendor, closes the vendor When the materials arrive at the receiving depart- invoice record to discharge the liability, and records ment a receiving clerk prints a copy of the purchase the payment in the cash disbursement file. Required a. Create a system flowchart of the system. b. Describe the uncontrolled risks in the system. c. Describe the physical controls needed to reduce the risks identified in (b). d. Describe the IT controls that are appropriate in this system