which, if any of the following situations represents improper segregation of functions? Explain your answer.

Q: You are developing the policies and procedures in relation to credit sales. What processes would you…

A: Payments for credit sales are made several days or weeks after a product is delivered. In contrast…

Q: up of answer choices a.The personnel in the receiving department should be separated from the…

A: the purchase you also known as account payable system and the cash disbursement cycle execute the…

Q: Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all…

A: The correct statements are:A purchase order is a document the purchasing department uses to place an…

Q: Indicate the primary audit objective for the following audit procedure: Determine whether sales…

A: Auditing is the process of examining financial statements, records, and other financial information…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: An effective revenue security system will help you accomplish the following important tasks: a)…

A: Revenue security refers to the procedure by which a company may match the total amount of sales with…

Q: a) Should every company switch from the traditional three-way matching process (purchase orders,…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following is an example of an input control in the expenditure cycle? a. Physical…

A: The expenditure cycle begins when a need for goods or services is identified and ends when the…

Q: Choose the Audit Objective: Choose the specific audit objective O

A: The verification of the accounts receivables and sales is one of the primarily tasks of the auditor…

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. 10) An…

A: Record count is the count of the total number of records of a batch. here there will be a count of…

Q: You will have the opportunity in this discussion to recommend adequate internal controls over sales…

A: To address the issues described in the scenarios, here are some internal controls that can be…

Q: Describe briefly the processing of transactions, including internal control features, in the…

A: Internal control:   It is a business activity that aids in the protection of a company's assets. It…

Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

Q: Please prepare excel flowchart. Kreton Corporation, your new audit client, processes its sales and…

A: Part 2: Explanation1. Sales Process:  - Sales are initiated by salesclerks who prepare sales…

Q: All of the following are true concerning an invoice except: When a shipment arrives, the receiving…

A: An invoice is a commercial document issued by a seller to a buyer, indicating the products or…

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: "In order to determine whether internal control operated effectively to minimize errors of failure…

A: Internal control is a procedure that is aimed to offer reasonable confidence that information is…

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer…

A: Closed loop verification :             It can be said as closed loop authentication and can be…

Q: explain whether they are considered improper segregation of functions? a. The billig department…

A: Segregation of Duties (SOD) is a basic building block of sustainable risk management and internal…

Q: The following are examples of audit procedures:   Watch employees count inventory to determine…

A: Audit evidence is a critical component of the audit documentation process. It refers to the…

Q: Which of the following would not be a control in a sales system? a. Agreeing details from the sales…

A:

Q: ich of the following controls is most likely to help ensure that all credit revenue transactions of…

A: The control that is most likely to help ensure that all credit revenue transactions of an entity are…

Q: The functions of and documents generated by which of the below departments determine when a…

A: The documents which complete sale criteria will only make able to record sale transaction. Sale can…

Q: Which of the following controls most likely would assure that all billed sales are correctly posted…

A: The correct answer is: (B) Daily sales summaries are compared to daily postings to the accounts…

Q: Which of the following will be the most appropriate test to determine wherether purchase orders are…

A: Purchase order: Purchase order is a document send by a buyer to seller indicating all the…

Q: An auditors would vouch copies of sales invoices to shipping documents in order to determine that:…

A: The auditing is a process to analyze the financial statements of the business.

Q: What are 5 things that could go wrong in this cycle and what control should be placed for each…

A: Here given the diagram which show the whole process of material requisition and receipts from  the…

Q: Determine whether each cash receipts procedure is an internal control strength or weakness. Cash…

A: It is a process implemented by organizations to provide reasonable assurance of achieving their…

Q: Identify the weakness and the risk relating to the above.

A: Answer: The weakness is the shortcoming in any process and risk is the factor that result due to…

Q: nvoices, and the AR department posts to the customers’ accounts. B The sales department approves…

A:

Q: Hayden Corporation uses an enterprise resource planning (ERP) system. In their audit of receivables…

A: a. Two data analytic applications that might be used to audit the existence of receivables and…

Q: Which of the following frames would best enable an auditor to test a sales/receivables system to…

A: Audit Documentation -The record of the methods followed by auditors, the proof they gather, and the…

Q: Which of the following statements is false? Explain Why?? a. It is the best practice to verify…

A: Intra company transfer represents the transfer of the inventory from one department to another…

Q: Under a system of good internal control, which of the following departments issues a voucher?…

A: Under a good internal control system, the main department in the business organizations are:…

Q: Which internal control activity is being violated when the cashier in a retail store also records…

A: Segregation of duties is being violated when the cashier in a retail store also records the daily…

Q: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

Q: Which of the following best represents a key control for ensuring sales are properlyauthorized when…

A: