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. EHolmes l XO 1374127 xR° (PDF) Fra x D Turnitin - x b Internal c xa Internal C x G internal c X b Answerec xDetectinc x +ContentA learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/1374127?response-cache-control=private%2C%20max-age%3. Q13741272 1 8Sales DepartmentAccounting DepartmentWarehouseShipping DepartmentSalesOrderStockReleasePackingStockReleasePackingSlipCustomerSalesAOrderPackingSlipCustomerSlipOrderReconcilePacking slip andSales order, sendgoods to Carrier,Record in ShippingAR SubPick Goods,UpdateInventory,send goods toShippingLedgerApprovescredit, prepareSalesBil CustomerUpdateAccountsInventorySub ledgerlog.ShippingLogdocumentsARControlSalesOrderStockSalesOrderPackingSlipStockReleasePackingSlipReleaseSalesInvoiceCarrierSalesOrderStockReleasePackingSlipBilling DepartmentAdd prices andtaxes, BilCustomer andrecord SaleSalesInvoiceSalesJournal+SalesInvoice Customer5:57 PMP Type here to searchawO G 4) ENG11/10/2020

Answered: Image /qna-images/answer/7a073dcb-22bd-433b-a0e2-644ab635cffe.jpg

Sales Department Accounting Department Warehouse Shipping Department Sales Stock Release Packing Slip Packing Sip Sales Order Customer Order Stock Release Packing Slip Customer Order Reconcile Packing slip and Sales order, send goods to Carier, Record in Shipping log. AR Sub Pick Goods, Update Inventory, send goods to Shipping Ledger Bi Customer Approves credit, prepare Sales documents Inventory Sub ledger Update Accounts Shipping Log AR Control Sales Order Sales Order Stock Release Packing Sip Stock Release Packing Slip Sales Involce Sales Order Stock Release Packing Sip Carier Billing Department Add prices and taxes, Bll Sales Sales Journal Invoice Customer and record Sale Sales Invoice Customer 0--

Sales Department Accounting Department Warehouse Shipping Department Sales Stock Release Packing Slip Packing Sip Sales Order Customer Order Stock Release Packing Slip Customer Order Reconcile Packing slip and Sales order, send goods to Carier, Record in Shipping log. AR Sub Pick Goods, Update Inventory, send goods to Shipping Ledger Bi Customer Approves credit, prepare Sales documents Inventory Sub ledger Update Accounts Shipping Log AR Control Sales Order Sales Order Stock Release Packing Sip Stock Release Packing Slip Sales Involce Sales Order Stock Release Packing Sip Carier Billing Department Add prices and taxes, Bll Sales Sales Journal Invoice Customer and record Sale Sales Invoice Customer 0--

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

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.

E
Holmes l X
O 1374127 x
R° (PDF) Fra x D Turnitin - x b Internal c x
a Internal C x G internal c X b Answerec x
Detectinc x +
Content
A learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/1374127?response-cache-control=private%2C%20max-age%3. Q
1374127
2 1 8
Sales Department
Accounting Department
Warehouse
Shipping Department
Sales
Order
Stock
Release
Packing
Stock
Release
Packing
Slip
Customer
Sales
A
Order
Packing
Slip
Customer
Slip
Order
Reconcile
Packing slip and
Sales order, send
goods to Carrier,
Record in Shipping
AR Sub
Pick Goods,
Update
Inventory,
send goods to
Shipping
Ledger
Approves
credit, prepare
Sales
Bil Customer
Update
Accounts
Inventory
Sub ledger
log.
Shipping
Log
documents
AR
Control
Sales
Order
Stock
Sales
Order
Packing
Slip
Stock
Release
Packing
Slip
Release
Sales
Invoice
Carrier
Sales
Order
Stock
Release
Packing
Slip
Billing Department
Add prices and
taxes, Bil
Customer and
record Sale
Sales
Invoice
Sales
Journal
+
Sales
Invoice Customer
5:57 PM
P Type here to search
a
w
O G 4) ENG
11/10/2020

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