Accounting Information Systems
10th Edition
ISBN: 9781337619202
Author: Hall, James A.
Publisher: Cengage Learning,
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Question
Chapter 5, Problem 8P
To determine
Identify the six major physical control weaknesses in the system using the flowchart of purchase system for problem 8 and describe the unmitigated risks associated with each of these weaknesses.
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PHYSICAL CONTROLSUsing the flowchart of a purchases system for Problem8, identify six major physical control weaknesses in the system. Discuss the unmitigated risks associated with each weakness.
PHYSICAL CONTROLSUsing the flowchart of a purchases system for this Problem, identify sixmajor physical control weaknesses in the system. Discuss theunmitigated risks associated with each weakness.
Using the flowchart of a purchases system, identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.
Chapter 5 Solutions
Accounting Information Systems
Ch. 5 - Prob. 1RQCh. 5 - What purpose does a purchasing department serve?Ch. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Some organizations do not use an AP subsidiary...
Ch. 5 - What is the purpose of the blind copy of a PO?Ch. 5 - Prob. 12RQCh. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - The level of day-to-day department activity in...Ch. 5 - Prob. 5DQCh. 5 - What is central to a successful EDI...Ch. 5 - Discuss the objective of eliminating the receiving...Ch. 5 - What purpose does multilevel security control play...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQCh. 5 - Which of the following statements is correct? a....Ch. 5 - Which of the following represents incompatible...Ch. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - Prob. 5MCQCh. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Which of the following tasks should the cash...Ch. 5 - Which ledger can be updated solely from the...Ch. 5 - Prob. 10MCQCh. 5 - Prob. 1PCh. 5 - INVENTORY ORDERING ALTERNATIVES The flowchart for...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7PCh. 5 - Prob. 8PCh. 5 - Prob. 9PCh. 5 - Prob. 10PCh. 5 - Prob. 11PCh. 5 - UNRECORDED LIABILITIES You are auditing the...Ch. 5 - SMITHS MARKET (SMALL BUSINESS ACCOUNTING SYSTEM)...Ch. 5 - POSAVEK REMODELING AND BUILDING SUPPLY COMPANY...Ch. 5 - GREEN POND NURSERY (STANDALONE PC-BASED ACCOUNTING...Ch. 5 - Prob. 4ICCCh. 5 - Prob. 5ICCCh. 5 - Prob. 6ICCCh. 5 - Prob. 7ICCCh. 5 - Prob. 8ICC
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Similar questions
- PROBLEM 8 - INTERNAL CONTROL. Using the flowchart for Problem 8 of a purchases system, identify six major control weaknesses in the system. Discuss and classify each weakness in accordance with SAS 78/COSO.arrow_forwardINTERNAL CONTROLS AND FLOWCHART ANALYSIS a. Identify the physical control weaknesses depicted in theflowchart for Problem 2.b. Describe the IT controls that should be in place in this system.arrow_forwardINTERNAL CONTROL Examine the flowchart below and determine any control threats. Specifically discuss the control problems, the possible dangers, and any corrective procedures you would recommend.arrow_forward
- List at least five threats in the process of ERP implementation (any of these steps: ERP product brand selection, module design, installation, testing, and daily operation), and propose at least 10 controls to mitigate the threats in your list. For each threat, there should be at least one proposed control. Elaborate on both the threats and controls. An answer like “Threat 1: Theft of cash. Controls: a. surprise audits; b. running petty cash.” is not sufficient. You need to explain why you think theft of cash is a threat, and how the two controls can mitigate the risk of cash theft.arrow_forwarda. Identify the physical control weakness depicted in the flowchart for Problem 2 b. Describe the IT controls that should be in place in this systemarrow_forwardRefer to the system flowchart labeled Problem 4.Requireda. Discuss the uncontrolled risks associated with the systems as currently configured. b. Describe the controls that need to be implemented into the system to mitigate the risks in thegiven scenario.arrow_forward
- An example of a preventive control in the expenditure cycle is: A. Requiring management approval for large purchases B. Regular inventory counts C. Using firewalls and intrusion detection systems D. Conducting vendor audits.arrow_forwardProcess Activities PIC Order data that is inputted on the PDA is synchronized to the computer to automatically create a ''Sales Order'' in the system Admin Question:1. What are the weaknesses of internal control & risks & suggestions for improvement?2. What work process / audit focus can be undertaken?arrow_forward
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