FNSACC516 Assessment Tasks On Implement And Maintain Internal Control Procedures

Task 9 Internal control weaknesses and improvements

Assume that the following problems with the processing of Aluminum Shed Pty Ltd’s sales transactions occurred.

List and discuss the internal controls that could be implemented to prevent or detect each problem.

1. A debtor’s ledger card for George Wilson was deliberately deleted from the company’s computer files by a company employee who is his friend. He has managed to access all debtors’ details, although he works in another part of the company.
2. Sales were made at unauthorised prices.
3. Sales invoice was correctly journalised but was not posted to the debtor’s subsidiary ledger.
4. A shipment to a bona fide customer was not invoiced.
5. Sales were made to customers who had poor credit ratings.

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