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Presentation about the case - Essay Example

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Presentation about the case

A copy of the purchase order is used to authenticate this process. Once the goods have been given the green light, Benita or Rosa will enter the new inventory into the computer system. Payment Process: Rosa is in charge of paying the bills on fortnightly basis. She has to check the computer system for outstanding invoices and checks that the goods entered into the computer have actually been received. If any information has not been entered into the computer, then Rosa does this and prints the checks from the accounting system. Freeze-Time then mails checks and remittance invoices to the supplier. Occasionally, portions of the vendor bill will be returned to the company. Possible Internal Control Weaknesses For the purchasing flowchart, there are not really any internal control weaknesses that stand out except for the fact that Benita Goldberg and her mother Rosa control the whole process. There is nothing to suggest that any collusion is going on, but the flexibility in their roles (they take turns at different points in the process) and lack of accountability mean that the opportunity is there for them to engage in unethical conduct. To prevent any possible conspiracy from occurring, an outsider could be brought in to oversee the whole process. ...
The use of a low-end accounting software package to prepare documents and reports is not very secure because the information could easily be tampered with. Freeze-Time should invest in better quality accounting software so that there is no

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chance of any recorded inventory being compromised. Finally, another internal control weakness could be due to the fact that either Benita or Rosa is entering order information into the accounting system and then creating purchase orders. Ideally, there should be a separate accounting department that enters purchase order information into the system, which then creates an automatic purchase order. Once the purchase order is made, someone from the sales department should fax it to the supplier. By setting up the purchasing process this way, there is not one single or pair of persons that have a part to play in every step in the purchasing process. For the receiving flowchart, someone else other than Benita or Rosa should check the goods because those two were involved in the purchasing process. It is possible that either of these two could change the records to show that a lesser quantity of goods was purchased and then they pocket the difference in price. The way that one of them could do this is because they enter the order information into the accounting system during the purchasing process and they also enter new inventory into the computer system during the receiving process. It would not be very hard just to change some numbers around to cover their tracks. For the payment flowchart, once again there is a problem of a lack of transparency. Unlike the purchasing process, where at least Benita was involved too, Rosa is doing everything by

Summary

Freeze-Time Flowchart Purchasing Process: First of all, Freeze-Time uses low-end accounting software package to prepare documents and reports. When employees need to purchase supplies, they inform either Benita or Rosa, who will give the employee a note. Then Benita or Rosa enters the order information into the accounting system and a purchase order is created…
Author : grimeshipolito
Presentation about the case essay example
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