Using the following table as a guide, describe for each function (see Figure 11.1): A risk (an event or action that will cause the organization to fail to meet its goals/objectives). A control/process or use of technology that will address the risk. Function Risks Controls and Technology Marketing     Finance     Billing       AR (debit)         Sales (credit)     Collections       Cash (debit)         AR (credit)

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 12CYBK: Which one of the following components of internal control over financial reporting sets the tone for...
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Using the following table as a guide, describe for each function (see Figure 11.1):

  1. A risk (an event or action that will cause the organization to fail to meet its goals/objectives).

  2. A control/process or use of technology that will address the risk.

    Function

    Risks

    Controls and Technology

    Marketing

     

     

    Finance

     

     

    Billing

     

     

     

    AR (debit)

     

     

     

     

    Sales (credit)

     

     

    Collections

     

     

     

    Cash (debit)

     

     

     

     

    AR (credit)

     

     
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