On the following page is a flowchart for the sales and invoiding internal control processes for...

  

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On the following page is a flowchart for the sales and invoiding internal control processes for PolyCo., prepared by the company. You are a new junior auditor with PG Accounting Firm, and the senior manager on PolyCo.'s audit has instructed you to revlew the flowchart for internal control weaknesses and strengths, In order to gain an understanding of the company's business processes and assess controf risk. REQUIRED: 1. Identify three (3) internal control weaknesses in Polyco.'s sales and invoicing control processes. Explain each weakness, and Indicate which controf objective is affected. 2. Identify one internal control strength in the processes, and indicate which contlol objective is affected. Sales and Involdng Flowchort- PohlyCo. Seles Clerk Accounting/Bllng Clerk Shipping & Recelving Stert Seles Orders Salas Order Padaga Cstormer Order spoo prepare pre Bof Prepere 3 coptes ef ales orters frem plle Prepere Sales mvolce Pra BI of Lading S04 Sales Order Sales Order S1 Truck Drirer Goods to austomer CO Customer Sales Order D] On the following page is a flowchart for the sales and invoiding internal control processes for PolyCo., prepared by the company. You are a new junior auditor with PG Accounting Firm, and the senior manager on PolyCo.'s audit has instructed you to revlew the flowchart for internal control weaknesses and strengths, In order to gain an understanding of the company's business processes and assess controf risk. REQUIRED: 1. Identify three (3) internal control weaknesses in Polyco.'s sales and invoicing control processes. Explain each weakness, and Indicate which controf objective is affected. 2. Identify one internal control strength in the processes, and indicate which contlol objective is affected. Sales and Involdng Flowchort- PohlyCo. Seles Clerk Accounting/Bllng Clerk Shipping & Recelving Stert Seles Orders Salas Order Padaga Cstormer Order spoo prepare pre Bof Prepere 3 coptes ef ales orters frem plle Prepere Sales mvolce Pra BI of Lading S04 Sales Order Sales Order S1 Truck Drirer Goods to austomer CO Customer Sales Order D]

Answer rating: 100% (QA)

1 Internal control weekness The three copies are take is a weekness because the ... View the full answer