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Accounts Security

   

Added on  2021-05-31

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Running head: ACCOUNTS SECURITYAccounts SecurityName of the Student:Name of the University:
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1ACCOUNTS SECURITYTable of ContentsQuestion 1: Risks and controls........................................................................................................21. Internal control weaknesses in Strings Revenue Cycle...........................................................22. Potential impacts of these weaknesses on the organization.....................................................23. Specific internal controls could be implemented by Strings...................................................3Question 2: System development life cycle.....................................................................................41. Five deficiencies in the Queensland Health Payroll System project.......................................42. Recommendations on deficiencies..........................................................................................5References........................................................................................................................................7
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2ACCOUNTS SECURITYQuestion 1: Risks and controls1. Internal control weaknesses in Strings Revenue CycleFollowing are the potential weaknesses into the revenue cycle of Strings such as:In sales order: There are incomplete and inaccurate customer’s orders, and there are poorcredit sales to the customers. This in sales order weakness is controlled by data entry edit checksalong with accurate records of the account balance of customers. Digital signature is used for thee-business (Kreimer, 2015).In shipping and delivery: There are errors into the shipping process due to wrongmerchandise and theft into inventory. It is controlled by reconciliation of the sales order with thepicking tickets, data entry application controls with proper documentation of internal transfer ofinventory (Fernandez, Miller, & Carp, 2015)In-billing and accounts receivable: There is failure to bill the customers along withbilling errors. It is controlled by shipping as well as billing functions.In cash collection: There are thefts of cash by any third party person who are present intothe company (Wright, 2017). It is controlled by minimization of handling of cash by othersrather than the access user, deposit of receipts as well as periodic settlement of the bankstatements. 2. Potential impacts of these weaknesses on the organizationDue to weakness of in sales order and large volume of sales orders result into errorswhere the customers are sent wrong items. It impacts the reputation of the Strings Pty Ltd into
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