Evaluating Controls
Tasks:-
Review the Southwest case to evaluate transaction control weaknesses.
Describe the control weakness (just a short statement of weakness);
Describe how the weakness could create a material error in the financial statements.
Make a recommendation on how their controls could be improved to mitigate this weakness; and
Discuss some potential weaknesses in the control you suggest (e.g., how it might be overridden).
Limit answers to the four most serious weaknesses find in each process.
Document findings in the SW Controls Template.
Write up an analysis of Southwest's sales and purchasing processes vulnerability to fraud based on your analysis of their control systems.