1. Describe the risks associated with the system depicted in the flowchart below.2. Describe the physical controls needed to mitigate each risks.Purchases DepartmentReceiving DepartmentČentral Computer FacilityAccount Payable DepartmentWarehousePackingSlipAVendorPOInvoiceRec ReprtIdentify ItemsPrepareReceivingreportAccauntingSystemand SelectVendarRecomcileReconcile anddocuments andUpdatePackingSlipRec Reprtset up LiabilityInventoryTmventoryRecordsPORec ReprtRec ReprtPOInvoiceACLOuntPOParyableRec ReprtVendor

1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe the physical controls needed to mitigate each risks. Purchases Department Receiving Department Čentral Computer Facility Account Payable Department Warehouse Packing Slip Vendor A PO Invoice Rec Reprt Prepare Identify Items and Select Vendor Accaunting System Receiving report Recomcile Reconcile and Update Inventory Packing documents and Rec Reprt set up Liability nvenory PO Records Rec Reprt Rec Recrt

1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe the physical controls needed to mitigate each risks. Purchases Department Receiving Department Čentral Computer Facility Account Payable Department Warehouse Packing Slip Vendor A PO Invoice Rec Reprt Prepare Identify Items and Select Vendor Accaunting System Receiving report Recomcile Reconcile and Update Inventory Packing documents and Rec Reprt set up Liability nvenory PO Records Rec Reprt Rec Recrt

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

1. Describe the risks associated with the system depicted in the flowchart below.
2. Describe the physical controls needed to mitigate each risks.
Purchases Department
Receiving Department
Čentral Computer Facility
Account Payable Department
Warehouse
Packing
Slip
A
Vendor
PO
Invoice
Rec Reprt
Identify Items
Prepare
Receiving
report
Accaunting
System
and Select
Vendar
Recomcile
Reconcile and
documents and
Update
Packing
Slip
Rec Reprt
set up Liability
Inventory
Tmventory
Records
PO
Rec Reprt
Rec Reprt
PO
Invoice
ACLOunt
PO
Paryable
Rec Reprt
Vendor

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