Discuss the internal control weaknesses and risks associated with the above process
Discuss the internal control weaknesses and risks associated with the above process
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter3: Ethics, Fraud, And Internal Control
Section: Chapter Questions
Problem 11P
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Question
Richard Palm is the accounting clerk of Olive Limited. He uses the source documents such as purchase
orders, sales invoices and suppliers’ invoices to prepare journal vouchers for general ledger entries.
Each day he posts the journal vouchers to the general ledger and the related subsidiary ledgers. At the
end of each month, he reconciles the subsidiary accounts to their control accounts in the general
ledger to ensure they balance.
Discuss the internal control weaknesses and risks associated with the above process
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