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Internal Controls Assignment: Auditing Assignment

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Added on  2020-05-28

Internal Controls Assignment: Auditing Assignment

   Added on 2020-05-28

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Internal Controls
Internal Controls Assignment: Auditing Assignment_1
Executive SummaryThe present report has been undertaken with the aim of reviewing the sales process ofBucks Phyz and providing recommendations for its improvement. In this context, the report hasillustrated that there are many internal control weaknesses present in the sales process of thecompany such as manual entry system that can lead to the occurrence of many errors such asmisplacement of data. The company is recommended to implement internal controls forovercoming such weakness such as developing a system that verifies the overall data enteredcontinually for minimizing the chances of error occurrence. Also, the company is recommendedto adopt the use of corporate credit cards for both the employer and the employees for meetingthe business related expenditure instantly. This is necessary because the present system restrictsthe employees and employer to incur specific expenses related with the operational activities ofthe company and therefore impacting its overall performance.
Internal Controls Assignment: Auditing Assignment_2
ContentsIntroduction......................................................................................................................................4Overview of Sales Process for Bucks Phyz.....................................................................................4Internal control present in the sales process of the Bucks Phyz......................................................4Impact of Introduction of Corporate Credit Cards..........................................................................6Detailed Review of Benefits and Potential Risks associated with the introduction of such cards......................................................................................................................................................6Specific Internal Controls to be implemented for Minimizing the Risks Associated with the Use of Credit Cards......................................................................................................................7Recommendation to CEO regarding who should be issued Corporate Credit Card....................7Conclusion.......................................................................................................................................8References........................................................................................................................................9
Internal Controls Assignment: Auditing Assignment_3

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