Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment. Picture Tools New Microsoft Word Document (3).docx - Word (Product Activation Failed)FileHomeInsertDesignLayoutReferencesMailingsReviewViewFormatO Tell me what you want to do..A2 ShareE AlignCorrections- E Compress PicturesG Change PictureEArtistic Effects - A Reset Picture -P Picture Border1 Bring Forward17.71 cm ;A ColorO Picture EffectsG Send Backward - E Grouptai Group4.RemovePosition WrapCrop 32.7 cmBackgroundE Picture LayoutText- BR Selection PaneA RotateAdjustPicture StylesArrangeSizeSales DepartmentAccounting DepartmentWarehouseShipping DepartmentSalesStockReleasePackingSlipSalesOrderCustomerAOrderStockReleasePackingSlipPackingSlipCustomerOrderReconcilePacking slip andSales order, sendgoods to Carrier,Record in Shippinglog.AR SubPick Goods,UpdateInventorysend goods toShippingLedgerАpprovescredit, prepareSalesdocumentsB CustomerUpdateAccountsInventorySub ledgerShippingLogARControlSalesOrderSalesOrderStockReleasePackingSipSalesInvoiceSalesOrderStockReleaseStockReleasePackingSlipCarrierPackingSlipBilling DepartmentAdd prices andtaxes, BllCustomer andrecord SaleSalesInvoiceSalesJournalSalesCustomerInvoice1489 wordsDE English (Australia)+110%2:35 PMP Type here to searchaG 4) ENG2/10/2020

Frauds in sales department are as follows: Recording fake invoices Misrepresenting the excessive or…

Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment

Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment

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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Concept explainers

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.

Question

Picture Tools New Microsoft Word Document (3).docx - Word (Product Activation Failed)
File
Home
Insert
Design
Layout
References
Mailings
Review
View
Format
O Tell me what you want to do..
A
2 Share
E Align
Corrections- E Compress Pictures
G Change Picture
EArtistic Effects - A Reset Picture -
P Picture Border
1 Bring Forward
17.71 cm ;
A Color
O Picture Effects
G Send Backward - E Group
tai Group
4.
Remove
Position Wrap
Crop 32.7 cm
Background
E Picture Layout
Text- BR Selection Pane
A Rotate
Adjust
Picture Styles
Arrange
Size
Sales Department
Accounting Department
Warehouse
Shipping Department
Sales
Stock
Release
Packing
Slip
Sales
Order
Customer
A
Order
Stock
Release
Packing
Slip
Packing
Slip
Customer
Order
Reconcile
Packing slip and
Sales order, send
goods to Carrier,
Record in Shipping
log.
AR Sub
Pick Goods,
Update
Inventory
send goods to
Shipping
Ledger
Аpproves
credit, prepare
Sales
documents
B Customer
Update
Accounts
Inventory
Sub ledger
Shipping
Log
AR
Control
Sales
Order
Sales
Order
Stock
Release
Packing
Sip
Sales
Invoice
Sales
Order
Stock
Release
Stock
Release
Packing
Slip
Carrier
Packing
Slip
Billing Department
Add prices and
taxes, Bll
Customer and
record Sale
Sales
Invoice
Sales
Journal
Sales
Customer
Invoice
1489 words
DE English (Australia)
+
110%
2:35 PM
P Type here to search
a
G 4) ENG
2/10/2020

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For this assignment, you are to construct a diagram of the Fraud Triangle and clearly label each component of the Fraud Triangle. For each of these three components, provide the following: An explanation (two to three paragraphs) of each of the three components, specifically addressing how it could contribute to fraud. For each component of the Fraud Triangle, provide the following: List and briefly discuss internal controls for each of the three components that could help to reduce the impact of potential frauds related to that component of the Fraud Triangle. Note: This means that you will have a total of 24 internal controls documented. A few of the internal controls might be common to each component but please tailor them to the component you are referring to and do not copy and paste the same eight internal controls for each component. While APA style is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be…
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