Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursments General Ledger Goods Arrive Purchasing Prepares Three Copies of PO from Vendor Purchase Order with Packing Slip Packing Slip Cash Disbursement Voucher Invoice Inventory Ledger Purchase Order AP Ledger Check Соpy Purchase Order Purchase Order Receiving Report Cash General Disbursement Check Ledger Voucher Cash Invoice Disbursement Voucher Invoice Check Check Соpy Соpy Check
Vendor Purchases Inventory Control Receiving Accounts Payable Cash Disbursments General Ledger Goods Arrive Purchasing Prepares Three Copies of PO from Vendor Purchase Order with Packing Slip Packing Slip Cash Disbursement Voucher Invoice Inventory Ledger Purchase Order AP Ledger Check Соpy Purchase Order Purchase Order Receiving Report Cash General Disbursement Check Ledger Voucher Cash Invoice Disbursement Voucher Invoice Check Check Соpy Соpy Check
Chapter17: The Management Of Cash And Marketable Securities
Section: Chapter Questions
Problem 1QTD
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Question
Using the flowchart of a purchases system, identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.
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