Discuss the internal control weaknesses and risks associated with the above process
Discuss the internal control weaknesses and risks associated with the above process
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1AFE
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Richard Palm is the accounting clerk of Olive Limited. He uses the source documents such as purchase orders, sales invoices, and suppliers’ invoices to prepare journal vouchers for general ledger entries. Each day he posts the journal vouchers to the general ledger and the related subsidiary ledgers. At the end of each month, he reconciles the subsidiary accounts to their control accounts in the general ledger to ensure they balance.
Discuss the internal control weaknesses and risks associated with the above process. (maximum 300 words)
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