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identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.

identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.

Accounting Information Systems
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process
Section: Chapter Questions
Problem 3DQ
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PROBLEM 8 - INTERNAL CONTROL. Using the flowchart for Problem 8 of a purchases system, identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.

 

 

PROBLEM 8: INTERNAL CONTROL Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursments General Ledger Purchasing Prepares Three Copies of PO Goods Arrive from Vendor Purchase Order with Packing Slip Cash Disbursement Packing Slip Invoice Voucher Inventory Ledger Purchase Order AP Ledger Check Сорy Purchase Purchase Order Order Receiving Report Cash Disbursement General Check Ledger Voucher Cash Invoice Disbursement Voucher Invoice Check Check Сорy Сорy Check
Transcribed Image Text:PROBLEM 8: INTERNAL CONTROL Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursments General Ledger Purchasing Prepares Three Copies of PO Goods Arrive from Vendor Purchase Order with Packing Slip Cash Disbursement Packing Slip Invoice Voucher Inventory Ledger Purchase Order AP Ledger Check Сорy Purchase Purchase Order Order Receiving Report Cash Disbursement General Check Ledger Voucher Cash Invoice Disbursement Voucher Invoice Check Check Сорy Сорy Check
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