Question: Question 1: Week 4, 7 Marks. [Words Limit: Up to 400 words.] a) Internal controls play an important role in reducing the risks of fraudulent

Question 1: Week 4, 7 Marks. [Words Limit: Up to 400

Question 1: Week 4, 7 Marks. [Words Limit: Up to 400 words.] a) Internal controls play an important role in reducing the risks of fraudulent activities in any organization. Further, advanced technology helps accountants in reducing fraud. Explain how an advanced technology transaction processing system reduces fraudulent activities from any organizing. [4 Marks. Words Limit: Up to 200 words] b) Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment. [3 Marks. Word Limit: Up to 200 words] Sales Department accounting Department Warehouse Shipping Department Sales Stock Packing Order Stock Packing Slip Packing Order Recorcie Packing slip and AR Sub Ledger Pick Goods, Series order, Bond Update goods to Carrier, Inventory, Record in Shipping Approves Irvernory log. credit, fineparc sand goods to Shipping Sub lodger Shipping documents Log AR Control Sales Ordar Stock Packing Sales Stock Release Order Camier Packing O m N

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