- OTHM Level 5: J/650/1143 Research Methods in Health and Social Care
- Feasibility Study for Night Moves: Event Logistics at Finsbury Park, Assignment 2
- EU Law: Dominant Undertakings & EU Four Freedoms – Legal Implications and Market Impact
- BTEC Level 3 Unit 19 Analogue Electronic Devices and Circuits, Assignment 2
- OTHM Level 5 Unit 2 T/650/1139 Managing the Safeguarding and Protection of Vulnerable Individuals
- Legal Analysis of Negligence Claim Against SamsTech for AI Chatbot Errors
- FINA 1007 Research Methods: Assessment Guide & FAQs
- Mathematical Methods in Physics Assignment Question
- Unit 5048 J/650/2990 Sensors and Automation BTEC Level 5
- Transport for London (TfL) Cycle Data Analysis Project – Programming & Data Science
- Sport Coaching Portfolio: Safe, Ethical, and Effective Practices – Assessment 2
- K/507/1406 HSC CM1 Unit 1 Equality, diversity and rights in health and social care, NCFE CACHE Level 3
- MS420/MS508 Advancing Sustainable Development Goals (SDGs) through Business Practices
- C1808 Unit 500 Understanding Leadership and Management in Adult Care – Theories, Styles & Best Practices
- Level 5 Leadership and Management in Adult Care Unit 17, Unit 18 & Unit 16
- Donald Trump’s Statement on South Africa: Economic and Health Impacts
- Level 3 Certificate in Assessing Vocational Achievement (CAVA)
- H/615/1488 Unit 4014: Production Engineering for Manufacture, BTEC Level 4
- CIPD Level 7CO02 People Management: Strategy, Engagement & Technology
- Unit 6: HND Construction Management – Architectural Design and CAD Standards
FIN6002: Describe TWO methods of documenting the sales and despatch system, and for each explain: Audit Assignment, AU, UK
University | Arden University (AU) |
Subject | FIN6002: Audit Assignment |
Question 4
You are a member of the recently formed internal audit of Signal Co. The company manufactures electrical materials which are supplied to large and small retailers. The management of those charged with governance of Signal Co have concerns about the effectiveness of their sales and despatch system and have asked internal audit to document and review the system. Sales and despatch system Sales orders are mainly placed through Signal’s website, but some are made via telephone.
Buy Answer of This Assessment & Raise Your Grades
Online orders are automatically checked against inventory records for availability; telephone orders, however, are checked manually by order clerks after the call. A follow-up call is usually made to customers if there is insufficient inventory. When taking the telephone orders, clerks note down the details on plain paper and afterwards they can complete a three-part pre-printed order form. These forms are not sequentially numbered and are sent manually to both the despatch and the accounts departments.
As the company is expanding, customers are able to place online orders which will exceed their agreed credit limits of 15%. Online orders are automatically forwarded to the despatch and accounts department.
A daily pick list is printed by the despatch department, and this is used by the warehouse team to despatch goods. The goods are accompanied by a despatch note and all customers are required to sign a copy of this. On return, the signed despatch notes are given to the warehouse team to file.
The sales quantities are entered from the despatch notes and the authorised sales prices are generated by the invoicing system. If a discount has been given, this has to be manually entered by the sales clerk into the invoice. Due to the expansion of the company, and as a large number of sales invoices, extra account staff have been asked to help out temporary with producing the sales invoices. Normally it is only two sales clerks who produce the sales invoices.
Required:
(i) Describe TWO methods of documenting the sales and despatch system, and for each explain an advantage and disadvantage of using this method.
(5 marks)
(ii) Explain FIVE control objectives of Signal Co sales and despatch system.
(5 marks)
(iii) Identify and explain SIX deficiencies in Signal Co’s sales and despatch system and provide a recommendation to address each of these deficiencies.
Are You Looking for Answer of This Assignment or Essay
If you are struggling with your FIN6002: Audit Time Constrained Assessment, then you can get online assignment help uk. from studentsassignmenthelp.co.uk you can purchase any academic writing services uk. we will secure your personal details.
