Attached is the next Assignment that will allow you to become familiar with read

Attached is the next Assignment that will allow you to become familiar with reading Process Flowcharts and the Identifications of Controls & Weakness in the processes. You will also tell me how the controls will be test during the Test of Controls (T of C) and how the Weaknesses will be addressed during your audit (by deploying additional audit procedures during your Substantive Tests of Transactions, Balances, and Disclosures) .
Attached is a PDF of the Flowchart of the Purchases-Payable-Payment System and a Word Document for you to complete by Identifying the Controls & Weakness. The Controls must be assessed as a “Minor Control”, “Important Control” or “Mandatory Control”. You must also describe how the Controls will be tested (we will discuss this in class). All weaknesses must be identified and classified or assessed as a “Deficiency”, “Significant Deficiency” or “Material Weakness” in internal control. The impact on the Audit usually requires more work (harder) or the need for better evidence (smarter).

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