Revenue and Receipts
Weaknesses And Recommendations in Control Objectives: Sales
Accuracy
Classification
Completeness
Recording
Authorisation
Cut-off
Occurrence/ Validity
Delivery Note
Invoice
Internal Sales Order
Credit Limit
Creditworthiness
Authorised Internal Sales Order
Credit/Sales Manager
Sales Authorization
Numerical Delivery Note
Numerical Internal Sales Order
Gate Control/ Goods Count
Unmatched Delivery Note
Signed Delivery Note
Numerical Invoice
Senior Person
Missing Number
Follow-Up
Official Price List (Master File
Recorded Sales Journal from Sales Invoice
Reviewed by Independent Person
Delivery Note
External & Internal Sales
Clear Distinction
Intercompany Sales
Code Number
Separate Documentation
Separate Recording
Individual Debtors Account
Total Sales
Sales Journal
Debtors Control Account
Sales Account
General Ledger
Delivery Notes
Risk if Control Objectives are not adhered to:
Accuracy
Classification
Completeness
Recording
Authorisation
Cut-off
Occurences/Validity
Inaccurate Invoicing
Errors In Order Fulfillment
Not acted Upon Timeously
Unauthorised Sales
Theft
Increased Bad Debts
Cashflow Issues
Theft due to Unauthorised Sales
Lack of Audit Trail
Incorrect Pricing or Quantity
Fraudulent/Fictitious Recording
Decoding this
Sochong for Weaknesses and Recommendations they will ask for weaknesses and if its not any of the listed words then its a weakness and you simply write it down and when they ask for recommendations you just write the words that are here
Deny Receiving Order
Inaccurate Pricing
Increased Fraud Risk
Inaccurate Quantitites on Invoice
Calculation Errors
Financial Misstatements
Collection Issues
Accounting Compliance Issues
Inadequate Financial Analysis
Lack of Transparency
Misstated Sales Figure
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