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Question - As auditor of Zaza Ent Bhd., you have just completed a review of the sales ordering system and you have made the following observations:
Orders are received by the sales office through the mail from customers. A sales order form is immediately prepared in duplicate for each customer order. These sales order forms are pre-printed and kept in the sales office, but are not serially numbered. Copy #2 is retained on file together with the customer order. Copy #1 is sent to the credit department for authorization and approval. The credit manager checks the order against the approved customers' list and the current accounts receivables subsidiary ledger account balance. The approved sales order is sent to the storekeeper, who checks whether the goods are available in stock to meet the request. If available, a multi-copy sales invoice is prepared. Like the sales order forms, the sales invoices are also pre-printed but are not serially numbered. One copy of the sales invoice is sent to the customer. A second copy is sent to the accounts department. A third copy is sent to the customer with the goods as a packing slip. A fourth copy is filed together with the customer order by the storekeeper. The shipping clerk checks to make sure all shipments are accompanies by a copy of the sales invoice.
Required -
i. Indicate weaknesses in internal control over the existing sales ordering system.
ii. Suggest one improvement for each of the weaknesses identified.
iii. Describe the audit tests the auditor may perform to determine if there are any errors or irregularities.
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