What is the benefit of the strength

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Reference no: EM133475211

Question:You are the senior auditor of Bold and the Beautiful Ltd (B&B) for the year ended 30 June 2022. B&B is a large pharmaceutical manufacturer and distributor located in NSW. One of your auditors, Charles, is keen to evaluate b&B strengths and weaknesses for some of the clients procedures. For the following independent situation;

The accounts receivable clerk receives all the cheques from the junior clerk, logs the cheque, prepares the bank deposit slip, takes it to the bank and electronically posts the details of the cheques against the invoice in the accounts receivable subsidiary ledger. The accounts receivable clerk prepares a monthly bank reconciliation and a monthly report of overdue accounts.

Question 1. identify if it is a strength or a weakness of the control systems?

Question 2. Give reason why it is a strength or weakness

Question 3. If its a weakness, suggest improving the controls to overcome it, or if it is a strength, what is the benefit of the strength?

Reference no: EM133475211

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