What are the control weaknesses you noted? What are the possible risks that can happen due to the said control weaknesses? Give internal control activities to prevent/detect/correct the said weaknesses.
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At their request, a few members are furnished prenumbered predated envelopes in which to insert their weekly contributions. The head usher removes the cash from the envelopes to be counted with the loose cash included in the collection and discards the envelopes No record is maintained of issuance or return of the envelopes, and the envelope system is not encouraged.
What are the control weaknesses you noted?
- What are the possible risks that can happen due to the said control weaknesses?
- Give internal control activities to prevent/detect/correct the said weaknesses.
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- There are 2 scenarios in which it is necessary to give a sustained response: there is a production of radioactive material that belongs to abandoned lots of which there is no record of origin or specific details of each material, these materials are used as energy generators in eastern europe a report is requested that reports the state of the material for which a report is requested1. What contributions would be provided in said report, consider assumptions that are duly substantiated According to the visual inspection of the materials, an engraving is observed on the bar containers, for which traceability is carried out, obtaining a record with all the weights and coding of the materials present, however, it is requested to compare the information to ensure a range of reliability that the batches are described in the record2. How would you ensure the reliability of the report, taking into account that you want to avoid handling these materials as much as possible?The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collectioncycle:1. Account for a sequence of shipping documents and examine each one to make surethat a duplicate sales invoice is attached.2. Account for a sequence of sales invoices and examine each one to make sure that aduplicate copy of the shipping document is attached.3. Compare the quantity and description of items on shipping documents with therelated duplicate sales invoices.4. Trace recorded sales in the sales journal to the related accounts receivable masterfile and compare the customer name, date, and amount for each one.5. Examine sales returns for approval by an authorized official.6. Review the prelisting of cash receipts to determine whether cash is prelisted daily.7. Reconcile the recorded cash receipts on the prelisting with the cash receipts journaland the bank statement for a 1-month period.a. Identify whether each audit procedure is a test…Examples of acceptable identification documents include a U.S. Passport or U.S. Passport Card, Permanent Resident Card or Alien Registration Receipt Card, Federal or State issued identification cards. Oa. True Ob. False
- For each scenario suggest a control that could be used to reduce the risk. Entering negative values for order quantity in a sales order Selling to a customer with an overdue account Ordering from a non-existent supplier Paying for goods that have not been received Entering an alphanumeric customer ID when the business policy is for numeric customer IDs Misappropriation of goods by receiving staff, who also maintain inventory records Ordering too much of a product 8. You are required to list and explain three advantages of computer-executed control activities compared to manually executed control activities.Internal control being one of the major determinants of an organization’s success requires the attention of every individual in an organization. A good internal control system will provide organizations with a high degree of confidence that their operations are efficiently managed. There are advantages and disadvantages/limitations to be gained from effectively designed and implemented internal control. QUESTION 2 Audit sampling is the use of an audit procedure on a selection of the items within an account balance or class of transactions. The sampling method used should yield an equal probability that each unit in the sample could be selected. The intent behind doing so is to evaluate some aspect of the information. Audit sampling is needed when population sizes are large, since examining the entire population would be highly inefficient.You are required to discuss the steps that are followed when selecting an audit sample.Which of the following situation of operational risk was the Barings Bank of London exposed to? Select one: a. Deficiencies in information systems and internal controls b. All of the options in this question c. Lack of segregation between front and back office d. Fraud and inadequate procedures and controls
- Case of Wrong Leg Amputation In one of the most tragic surgical errors, 52-year-old Willie King was supposed to have a diseased leg amputated in 1995. Instead, the surgeon took the wrong one off. As in many wrong site surgerycases, there were a series of mistakes that led to the wrong leg be ing amputated. The incorrect leg was listed in a number of key places including the blackboard in the operating room, the hospital's computer system, and the operating room schedule. The staff had sterilized and prepped the wrong leg for surgery before the surgeon, Dr. Rolando Sanchez, appeared in the operating room. The doctor's defence later was that both legs were unhealthy and would have to be amputated in any event. He was fined $10,000 and received a six-month medical license suspension. The cases against the surgeon and hospital were settled for $1.15 million. A. Define a 'negligent ac t' and state its elements. B. Use of res ipsa loquitur in medical malpractice cases appears to have had the…Background: Data about the frequency of adverse events related to inappropriate care in hospitals come from studies of medical records as if they represented a true record of adverse events. In a prospective, observational design we analyzed discussion of adverse events during the care of all patients admitted to three units of a large, urban teaching hospital affiliated to a university medical school. Discussion took place during routine clinical meetings. We undertook the study to enhance understanding of the incidence and scope of adverse events as a basis for preventing themMethods: Ethnographers trained in qualitative observational research attended dayshift, weekday, regularly scheduled attending rounds, residents' work rounds, nursing shift changes, case conferences, and other scheduled meetings in three study units as well as various departmental and section meetings. They recorded all adverse events during patient care discussed at these meetings and developed a classification…{Auditing} 4. Audit risk may be considered as the product of Inherent risk, control risk and detection risk. What is the implication of increase in control risk on the audit risk? a. Audit risk reduces b. Audit risk remains unaffected c. Unable to decide d. Audit risk increases
- Background: Data about the frequency of adverse events related to inappropriate care in hospitals come from studies of medical records as if they represented a true record of adverse events. In a prospective, observational design we analyzed discussion of adverse events during the care of all patients admitted to three units of a large, urban teaching hospital affiliated to a university medical school. Discussion took place during routine clinical meetings. We undertook the study to enhance understanding of the incidence and scope of adverse events as a basis for preventing them Methods: Ethnographers trained in qualitative observational research attended dayshift, weekday, regularly scheduled attending rounds, residents' work rounds, nursing shift changes, case conferences, and other scheduled meetings in three study units as well as various departmental and section meetings. They recorded all adverse events during patient care discussed at these meetings and developed a…Renaldo's Boutiques, Incorporated, has 14 stores located in a midwestern part of the United States. Renaldo, the president of the company, has set budgets for each store that do not allow for lost, stolen, or misplaced merchandise ( inventory shrinkage). Research shows the disappearance of store merchandise is attributed to a combination of internal and extemal causes. Customer theft-35 percent Employee theft-40 percent Administrative errors-18 percent Vendor dishonesty 7 percent Which philosophy do you believe Renaldo is following?kindly answer please thank you! operation auditingin performing effective risk assessment, organizations should: Identify and implement changes that could impact risk and internal control identity and analyze risks to the achievement of its objectives to determine how they may be planned Clearly specify objectives to allow the identification and assessment of risks related to the controls Consider potential fraud relating to the achievement of objectives None of the choices