Flowchart interpretation and internal controls analysis (CMA adapted. June 1994) The flowchart below depicts the sales/collection process
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Question:
Flowchart interpretation and internal controls analysis (CMA adapted. June 1994) The flowchart below depicts the sales/collection process for Richards Furniture Company. a mid-sized retailer of living room and bedroom furniture.
a. Identify and describe at least three weaknesses in the flowchart itself. For example. it does not have a 'start" symbol.
b. What internal control weaknesses are evident based on the flowchart? Suggest controls that will address them.
c. List the steps Richards should complete as pad of the process depicted. Then. redraw the flowchart based on them.
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Accounting Information Systems basic concepts and current issues
ISBN: 978-0078025334
3rd edition
Authors: Robert Hurt
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