A sales system for a small retail store is described in the following paragraph As a...

  

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A sales system for a small retail store is described in the following paragraph As a sale occurs, customer details including customer number and address, as well as the items purchased are written. on a blank invoice form. Item descriptions quantity sold and unit price are also filled in, with the sales staff having some discretion in setting the unit price for situations such as bulk purchases or repeat customers. F These invoice forms are collected at the end of the day and keyed in to the computer, with an invoice number assigned to invoices as they are keyed in. This number is recorded on the store copy of the invoice Any new customers are added to the customer master list as their sales are entered and any details not gathered on the invoice are left blank. Data are stored on a central server and this server is backed up monthly. The system is also connected. to the organisation's suppliers and used to order goods. J Required: Identify any risks within the system the potential consequences of these risks, and controls that could be implemented to mitigate these risks. A sales system for a small retail store is described in the following paragraph As a sale occurs, customer details including customer number and address, as well as the items purchased are written. on a blank invoice form. Item descriptions quantity sold and unit price are also filled in, with the sales staff having some discretion in setting the unit price for situations such as bulk purchases or repeat customers. F These invoice forms are collected at the end of the day and keyed in to the computer, with an invoice number assigned to invoices as they are keyed in. This number is recorded on the store copy of the invoice Any new customers are added to the customer master list as their sales are entered and any details not gathered on the invoice are left blank. Data are stored on a central server and this server is backed up monthly. The system is also connected. to the organisation's suppliers and used to order goods. J Required: Identify any risks within the system the potential consequences of these risks, and controls that could be implemented to mitigate these risks.

Answer rating: 100% (QA)

Identified Risks 1 Data Entry Errors Mistakes in manually entering customer details item descriptions quantities and prices could lead to inaccurate records and financial discrepancies Mitigation Impl... View the full answer