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UNIT 3 SUMMARY - Coggle Diagram
UNIT 3 SUMMARY
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Controls
Weaknesses and Risks
An organisation will be faced with risks when the organisation has a weak internal control environment (weaknesses)
Example
The foreman will write the amount of raw materials onto a piece of paper and collect the raw materials
Weakness: The issue of the RM is not written
on a customer job card
Risk: Business will not be able to track the progress
of the order and will not know what raw materials
have been issued for the order
Internal Controls
Refer to the control activities that the organisation should
implement to ensure they achieve the desired objectives
E.g. the organisation will implement internal controls that
should be adhered to with regards to the recording of
prices and quantity of inventory.
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