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UNIT 4: SUMMARY - Coggle Diagram
UNIT 4: 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
Musa, the company's secretary, writes customer's
orders on any piece of paper she can find in her school bag.
Weakness: Musa writes down the order on any paper
she can find in her school bag.
Risk: The page might get lost and the order will then
be lost.
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 authorisation of a
credit sale.
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Substantive Testing
Substantive Testing
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Accuracy, valuation and allocation
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