Recommend which Internal Controls should be implemented by Fruito

Recommend which Internal Controls should be implemented by Fruito. How do these controls mitigate the risks you have identified? You have recently started as the Financial Accountant in a new organization, Fruito. Fruito is a local fruit shop that has both a retail shop selling to the public and distributing produce to other local businesses such as restaurants and hotels. Part of your role involves supervising the Accounts Payable department. After observing how the processes are undertaken, you have early concerns around Internal Controls with the ordering and receiving part of the expenditure cycle. After raising your concerns with the Chief Financial Officer (CFO), you are to undertake an initial internal audit of the process, specifically focusing on accuracy, completeness, and validity. The scope of the investigation is to:
  1. Identify the risks faced by Fruito when ordering and receiving their stock (fruit and vegetables). What is the potential impact of each risk on Fruito?
  2. Recommend which Internal Controls should be implemented by Fruito. How do these controls mitigate the risks you have identified? Prepare a summary of your findings for the CFO.
Rationale This assessment task is designed to enable you to demonstrate your ability to: understand and apply foundation principles relating to computerized information systems in contemporary organisations; and identify organizational risk and generate systems that control that risk.
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