The table showing the company’s expenditure cycle procedures appears as follows:
Employee | Activity Performed (sequential, left-to-right across all rows) |
Production Control | Issue Bill of Materials for purchasing |
Purchasing | Order Inventory |
Receiving Clerk | Receive and Count Inventory |
Inventory Control | Store Inventory |
Accounts Payable | Receive Invoice from Supplier, Use P.O. and Receiving Report to Approve Invoice and Update A/P on the basis of information received from purchasing and receiving clerk |
Treasurer | Make EFT Payment to Supplier, Receive and Reconcile Bank Statement |
Identify at least three control weaknesses in ACME’s expenditure cycle. For each weakness, explain the threat and suggest how to change the procedures to mitigate that threat. Submit your assessment of the controls as a Word or pdf documen
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