What are the risks that are caused by the following combination of tasks? - The warehouse clerk who has custodial responsibility over inventory in the warehouse, updates the inventory subsidiary ledger and prepares an inventory summary for the general ledger department. - The billing clerk bills customers and records sales in the sales journal.

Q: Which of the following is NOT an issue with the Bradmark internal controls as it pertains to the…

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Q: Which of the following is false about accounting information systems?A. They provide reports that…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

Q: Which of the following test controls most likely would help assure an auditor that goods shipped are…

A: In order to test the effectiveness of the control so as to detect the material misstatement, an…

Q: Following are audit procedures commonlyperformed in the inventory and warehousing cycle for a…

A: Audit procedure:   Audit procedures are used by auditors to determine the quality of financial…

Q: 1. SEGREGATION OF FUNCTIONSWhich, if any, of the following situations representsimproper segregation…

A: Segregation Function: Segregation of function refers to an important physical control. This…

Q: The purpose of an audit trail is to be able to trace a transaction from its original through source…

A: The audit trail for goods returned by customers means checking whether the goods which are returned…

Q: .Internal Controls and RiskReview the following description of the purchasing and AP procedures for…

A: 1.The internal control weaknesses of this system are listed below:The inventories are received…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: Describe at least 3 needed internal control improvements.

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: The accounting clerk for the RAM System Company receives source documents such as purchase orders,…

A: Internal control refers to the process to ensure that that the organization complies with the…

Q: Identify which department has stewardship (having the job of supervising or taking care of) over the…

A: Stewardship: A job, responsibility, or authority to take care or supervise something in such a…

Q: incorrect related to the purchasing and cash disbursement cycle?

A: Answer: D. The accounting department is responsible for receiving the goods and preparing the…

Q: The following internal controls were identified by the auditor while gaining an understanding of…

A: Internal Controls: These are controls implemented by the management to oversee the business…

Q: 1. SEGREGATION OF FUNCTIONS to the AR department, which adjusts the customer accounts to reflect the…

A: Segregation of duties means when the work or task is distributed among various departments and…

Q: What internal control procedure(s) would provide protection against the following threats?  a.…

A: ‘’Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK…

A: The question is based on the concept of verification of Assets and Liabilities by an auditor. As per…

Q: What internal control or procedure(s) would provide protection against the following threats? A…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: A company is trying to set up proper internal controls for their accounts payable/inventory…

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Q: Discuss the internal control weaknesses and risks associated with the above process

A: Financial Reporting System:   The financial reporting system (FRS) overview the financial resources…

Q: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

Q: Which, if any, of the following situations represent improper segregation of functions?a. The…

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Q: Which of the following will be the most appropriate test to determine wherether purchase orders are…

A: Purchase order: Purchase order is a document send by a buyer to seller indicating all the…

Q: Answer the following questions. a. Which department is responsible for initiating the purchase of…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Each situation below describes an internal control weakness in the cash payments process.…

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Q: ent manages the physical goods inventory in the warehouse and he also maintains the accounting…

A: Internal control means the doing of work in an enterprises and related tight control so that chances…

Q: You were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has…

A: We will answer only first three subparts of the question as it is not specified which sub part is to…

Q: nvoices, and the AR department posts to the customers’ accounts. B The sales department approves…

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Q: 1) Internal auditing is going to be performing an assurance engagement dealing with controls over…

A: Assurance Engagement Assurance engagement which was conducted by the internal auditors to get the…

Q: Which of the following is an example of poor internal control in an organization?a. The company…

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: Which of the following is NOT an independent verification control?a. The shipping department…

A: Answer:   Option d.

Q: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: How can the auditors determine whether Precision Industries, Inc., has made a proper year-end cutoff…

A: Cutoff of transactions verification:   Substantive audit procedure for asset accounts like accounts…

Q: Which of the following is an internal control weakness for a company whose inventory of supplies…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: INTERNAL CONTROL The accounting clerk for the Ram System company receives source documents such as…

A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…

Q: Imagine that you have been hired to audit the sales and collections of a medium-to-large…

A: In a medium to large merchandising company there would chances of theft, frauds if effective…

Q: Below are descriptions of internal control problems. In the space to the left of each item, enter…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: Richard Palm is the accounting clerk of Olive Limited. He uses the source documents such as purchase…

A: Richard Palm uses the source documents to record the entries into journal. He daily records the…

Q: Which of the following situations is NOT a segregation of duties violation?a. The treasurer has the…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following audit procedures is a test of control?

A: The audit is the process of the official inspection of the books of accounts of a company. There are…

Q: Each of the below describes a procedure consistent with a strong system of internal control except……

A: Following procedure consistent with a strong system of internal control: 1. The accounts payable…

Q: Which of the following is the best reason for prenumbering in numerical sequence documents such as…

A: Prenumbering of documents like shipping documents, sales invoices, and sales order means providing a…

Q: Which of the following is incompatible task?a. The AR clerk prepares customer statements every…

A: Incompatible tasks represent the tasks that should be done by the different individuals within the…

Q: As the auditor of Sample Limited you note the following matters relating to the internal control of…

A: Internal control is a system of organizing the company in which a set of rules, policies, and…

Q: Which, if any,of the followingsituations represent improper segregationof functions? Explain your…

A: Segregation of functions is the method in which more than one individual is responsible to complete…

Q: Which of the following is not generally an internal control activity? a.Physically counting…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of these arrangements of duties could most likely lead to an embezzlement or theft?a. The…

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