Flowchart Purchasing Process-Identification of Controls & Weaknesses - Wood Manufacturing

Identify and LIST BY NUMBERS the Controls and Weaknesses in the accompanying flowchart (Purchases/Payables/Payments) completing the template attached. Indicate the importance of the control or severity of any weaknesses and how you would test the controls or overcome the weaknesses that you identify in the flowchart for your audit

(flow chart can be found in google by searching "Flowchart Purchasing Process-Identification of Controls & Weaknesses - Wood Manufacturing Ide...")

For each of controls write the following:

list of Controls -(A Concise Description of the Control Identified Indicating the Design Characteristic that will be tested (the Implementation of Functioning)

Importance of the Control to the Audit-

How the Control will be Tested During the Current Audit-

For each of Weakness write the following:

List of Weakness-(A Concise Description of the Weakness Identified Indicating the Absence of Appropriate Design Characteristic or Implementation Issue Causing Potential Risk)

Your Assessment as a Deficiency/Sign Deficiency/ or Material Weakness-

How the Weakness Impacts the Audit and How You Will Overcome the Weakness(es) During Your Audit so that A Clean Opinion May be Provide on the Financial Statements-

CLIENT WOOD MANUFACTURING COMPANY PROCEDURE PURCHASES PAYABLES PAYMENTS Herinmed by CHART NO. C1 PURCHASING IM LANDOVER RECEIVING IT. GRANTI ACCOUNTING DEPT. - ACCOUNTS PAYABLE CLERK P. FOX CONTROLLER (N. GOULD TELEPHONE AND DETAILS FROM COMPARED AND PRODUCT CODE COMPLETE INITIALS FROMA SUPPLIER DAILY AND FO ND CHISAID ITAVE WITH IR INVENTORY POSTND MONTHLY TOOL AFY FORMS AGREES TOTAL PURCHASE ORDER MONTHLY PACKING FLIP POST MONTHLY RECEIVING SLIP SUPPLIER'S INVOICE ON AGETS PATANTE BANK STATEMENT A PV ACCOUNTS PAYABLE VOUCHER FRENUNDERED APP TO ACCOUNTS PAYABLE TRIAL BALANCE WHEN CHICK IS PREPARED. .. FCA ENTERS CHECK F ON VOUCHER AND CHEE THE VOUCHER NUMBER ON THE SOOONO COPY OF THE CHECK BANK RECONCILIATION CANCELLED CHIOFAS MARS'S SUPPORTING DOCUMENTSEID 2 5 VERIFICATION OF THE TRANSACTION FLOW TEMPORARY FILES PERMANENT FILES OTHER PROCEDURES COMPARE CONTENT AND REVIEW AGE CHECK NUMERICAL REVIEW BALANCE SEQUENCE PROCEDURES REVIEW CHECK COMPLETENESS REVIEW CHECK COMPLETENESS