Assignment task:
Answer these specific internal control questions about the credit approval process.
A. Sales managers are required to review and approve transactions over $3,000. A review results in either approved or denied credit. How many transactions were over this amount? What happened to each transaction over this amount? List the transaction IDs and total dollar amount for all transactions and what happened to each transaction.
B. Who is approved to formally approve credit based on the policy? Did all transactions follow proper segregation of duties? If not, list the number of transactions, the transaction IDs and the total dollar amount of transactions that violated the segregation of duties.
C. Investigate any transactions that violated the segregation of duties. Provide any additional details that you learn about these transactions that would be useful for additional follow-up or in planning the audit.