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Findings and Risks/impact

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Findings and Risks/impact

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • November 23, 2021 at 5:20 pm #641405
    asmaalhemairi
    Member
    • Topics: 28
    • Replies: 22
    • ☆☆

    Hi sir .

    Could you please check the findings and risk/imapct I wrote below if it is correct ..

    Below are three cases related to AP department audit :

    1) if an incoive was not attached on the system.

    2) faluire to attach a clear copy of DN .

    3) faliure to stamp delivery note

    Is it correct to say that the finding ” lack of proper documentation ” and risk and impact .. the lack of proper documentation could lead to an error of fraud

    November 23, 2021 at 6:30 pm #641408
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    I don’t understand the context in which you are asking this – which past exam question are you referring to? If you are writing generic points of weakness/risk areas that might exist in an accounts payable system:
    1. what do you mean by “attached” – if you mean that an invoice might not be processed then yes there is a risk concerning the assertion of completeness
    2. do you mean GRN?
    3. as in 2 – what is a delivery note doing in an accounts payable system?

    “proper documentation” is too vague – as is “lead to an error OR (I presume you mean) fraud”.

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