Using the flowchart of a purchases system for Problem 8, identify six major physical control weaknesses in
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Using the flowchart of a purchases system for Problem 8, identify six major physical control weaknesses in the system. Discuss the unmitigated risks associated with each weakness.
In Problem 8
Transcribed Image Text:
Vendor Purchase Order Invoice Check Purchases Inventory Control Purchasing Prepares Three Copies of PO Purchase Order File Purchase Order Update Inventory Ledger Purchase Order File Inventory Sub Ledger Receiving Goods Arrive from Vendor with Packing Slip Packing Slip Receiving Report File Accounts Payable Cash Disbursements Invoice Record Liability Invoice AP Sub Ledger Invoice File Invoice Invoice Check Copy Check Check Copy File General Ledger Check Copy Update Inventory Ledger General Ledger Check Copy
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1 Purchasing clerk should not authorize purchases this is an inventory control function Risk Purchas...View the full answer
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