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Report on Internal control weakness in sakes process of Bucks Phyz

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Added on  2020-05-28

Report on Internal control weakness in sakes process of Bucks Phyz

   Added on 2020-05-28

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Running head: INTERNAL CONTROLSInternal controlsName of the Student:Name of the University:Author’s Note:
Report on Internal control weakness in sakes process of Bucks Phyz_1
1INTERNAL CONTROLSTable of ContentsIntroduction:....................................................................................................................................2Discussion:.......................................................................................................................................2Internal control weakness in sakes process of Bucks Phyz:............................................................2Weakness impact on organization:..................................................................................................2Implementation of specific internal control:....................................................................................2Benefits and potential risks associated with introduction of credit cards:.......................................2Implementation of specific internal control for minimizing the occurrence and impact ofidentified risks:................................................................................................................................2Recommendation to CEO regarding issuing of corporate credit cards:..........................................2Conclusion:......................................................................................................................................2
Report on Internal control weakness in sakes process of Bucks Phyz_2
2INTERNAL CONTROLSIntroduction:The report is prepared to be presented to the CEO of Bucks Phyz that deals with theimplementation of specific internal controls for mitigation of risks posed by the existing salesprocess of organization. In the current sales process, accountant is required to raise the purchaseorder and then it is required to be sent to suppliers. Raising the purchase order took long timeand when transactions was to be made online, the existing sales process is regarded as an issuebecause of delaying. Analysis of the given case depicts that sales process of Bucks Phyz is notcapable of doing online transactions. Staffs are required to undergo any training course for whichthey need do the bookings online by making payment and reimbursing the same amount fromBucks Phyz. Introduction of corporate credit cards is likely to solve the issue with the existingsales process (Susanto, 2016).Discussion:Internal control weakness in sales process of Bucks Phyz:The sales process of organization does not have proper and adequate design ofinformation technology in general and control of applications (Davis et al., 2017). This wouldprevent the information technology associated with the sales system from providing accurate andcomplete information that are consistent with the current needs and objectives of financialreporting. Due to complexity level in the sales process, there is no proper segregation of dutiessuch as separation of authorization, record keeping relating to sale transactions and custody.Sales staffs and members of team are required to make booking for their coursethemselves and seek reimbursement might lead to conducting of fraud activities (Toldbod &
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