Apex:
Intentional and unintentional misstatements |
| Control
weakness |
Potential effect on the financial statements |
|
| 1 | The
procedures for clearing discrepancies are weak. Transactions may be
lost and never posted or may be processed with errors.
|
Payables may be misstated. |
| 2 | Each
of the three offices works independently: Regional offices do not inform
local offices of transactions processed on their behalf, and NYCCC does
not report invoices paid to the regional offices. Therefore, neither local
nor regional offices can help control the completeness, authorization,
and accuracy of recorded liabilities and subsequent payments. |
Payables
may be misstated. |
| 3 | ||
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| 8 | ||
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| 10 | ||
| 11 | [add rows as needed] |