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Business processes, threats and controls (RC), threats and controls…
Business processes
General Threats
Theft of cash
Cyber attack
Inaccurate journal entry
Running out of Inventory
Revenue cycle: Activities
Cash Collection
Record remittance list
deposit money to bank
update AR
file remittance List
Billing
1.invoice
sales journal
update AR
Draft monthly Statement
Shipping
Pick and Pack
Ship Goods
Sales order entry
Take order
Approve credit
check Inventory Availability
Respond to customer
threats and controls (RC)
Uncollectable accounts
Credit limits
Loss Customer
CRM System
Inaccurate Orders
Data entry Controls
Stockouts
Bar codes and RFID tags
invalid orders
Digital Signatures
threats and controls (Billing)
failure to bill
separate billing and shipping
compare invoices ans shipping statements
Posting error in AR
data entry controls
monthly statements
reconcile batch totals and subsidary accounts
billing errors
data entry controls
Automatically enter pricing data
inaccurate or invalid credit memos
segregation of duties,
ERP confuguration
General Threats: Revenue Cycle
Invalid/inaccurate master data
Unauthorized disclosure
Threats and controls (shipping)
Picking the wrong Item
barcodes
Picking order
Theft of inventory
restrict access
track barcode
count inventory
Shipping Errors
RFID system
ERP
threats and control (cash collections)
theft of cash
separate cash handling function
reconcile bank acc
2 people open all mail
use EFt lockbox
deposit cash daily
cash flow problem
Losing data