Employee Supervisor Payroll Clerk Cash Disbursements Vendor Time Рayroll Summary Time Invoice Invoice Time Card Card Card Calculate Payroll, Prepare Payroll Summary, and Update Payroll Record Аpprove Approve Payroll Summary and Prepare Paychecks. Determine Due Dates for Vendor Payments from Invoice and Update AP. On Due Date and Sign Time Card Write Vendor Checks. Payroll Records Payroll Summary Cash Disb Journal Check Accounts Payable Check Review and Distribute Check Invoice Check Check Check Соpy Check Соpy B Bank General Ledger Check Check Check Check Copy Update Cash Account Update General Ledger Copy General Cash Accounts General Ledger Accounts Invoice Bank Processes Payroll and Vendor Checks

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Discuss the internal control weaknesses in the expenditure cycle flowchart Structure your answer in terms of the control activities within the SAS 78/COSO control model.

Employee
Supervisor
Payroll Clerk
Cash Disbursements
Vendor
Time
Рayroll
Summary
Time
Invoice
Invoice
Time
Card
Card
Card
Calculate Payroll,
Prepare Payroll
Summary, and
Update Payroll
Record
Аpprove
Approve Payroll
Summary and
Prepare Paychecks.
Determine Due
Dates for Vendor
Payments from
Invoice and Update
AP. On Due Date
and
Sign
Time
Card
Write Vendor
Checks.
Payroll
Records
Payroll
Summary
Cash Disb
Journal
Check
Accounts
Payable
Check
Review and
Distribute
Check
Invoice
Check
Check
Check
Соpy
Check
Соpy
B
Bank
General Ledger
Check
Check
Check
Check Copy
Update
Cash
Account
Update
General
Ledger
Copy
General
Cash
Accounts
General
Ledger
Accounts
Invoice
Bank Processes Payroll
and Vendor Checks
Transcribed Image Text:Employee Supervisor Payroll Clerk Cash Disbursements Vendor Time Рayroll Summary Time Invoice Invoice Time Card Card Card Calculate Payroll, Prepare Payroll Summary, and Update Payroll Record Аpprove Approve Payroll Summary and Prepare Paychecks. Determine Due Dates for Vendor Payments from Invoice and Update AP. On Due Date and Sign Time Card Write Vendor Checks. Payroll Records Payroll Summary Cash Disb Journal Check Accounts Payable Check Review and Distribute Check Invoice Check Check Check Соpy Check Соpy B Bank General Ledger Check Check Check Check Copy Update Cash Account Update General Ledger Copy General Cash Accounts General Ledger Accounts Invoice Bank Processes Payroll and Vendor Checks
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