Discuss the controls that would reduce the risks described in above
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Discuss the controls that would reduce the risks described in above
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- Outline any five hierarchy of control measures, giving an example of why this measure would be chosen above other for different risk controls??Describe the main objectives of process control.One of the main threats faced by online retail stores is the delivery of the wrong products to customers. Explain three internal control procedures that can be adopted by Quickmatt Supermarket to mitigate against this threat within the online retail store that the company plans to launch
- JSA data is analyzed through a sequential breakdown of relevant steps and safety hazards in each step determined. Consequently, the identified hazards are then categorized into different risk levels, and preventive measures are determined. How does this help with prioritizing risks and could there be a pitfall if prioritizing does not occur?ABC Limited is a manufacturing firm with a workforce of more than 100 employees. Mr Peter has recentlyjoined the firm as the account payable clerk. Miss Emma is the accounting department head, and she isconcerned about the cash disbursement system. Therefore, she has asked Mr Peter to analyse the firm'scash disbursement system and identify the internal control weaknesses from the system. Following is thedescription of the cash disbursement system.In the temporary file, the account payable clerk receives the supplier's invoice and reconciles it with thepurchase order. The accounts payable clerk records the purchase in the purchases journal from the clerk'scomputer terminal and records the liability by adding a record to accounts payable subsidiary ledger. Theclerk then updates the inventory control and accounts payable control accounts in the general ledger. Thepurchases order and invoice are later filed in the department.Each day, the clerk visually searches the accounts payable…Describe how general controls and application controls help to reduce IT risks in operations ?
- Determine how TCAS have played a role in a flight safety without any support from air traffic controllers in the ground stations by analyzing the function of its componentsDescribe the following considerations required when measuring the performance or the effectiveness of risk control programmes: - Fatality or accident or loss frequency. - Degree of compliance with standards.The recent travel restrictions due to the COVID-19 pandemic have resulted in some staff shortages in the Production, Quality Control and After Sales/Maintenance departments of a company manufacturing specialised machines. Individually, the department heads have considered the staff shortages to be of low risk. Required Identify and explain two COSO ERM principles which emphasise the importance of not considering risks in isolation. Explain briefly the relevance of systems thinking in relation to the two principles identified. Support your answer by providing one (1) illustration on how the risks arising from staff shortages in the three departments may interact to have a significant impact on "Customer Satisfaction".
- Provide a brief definition or explanation of the following term within the context of business management together with an example. -Performance or control standard (context of control process).What do you think are the most crucial elements to consider when designing an internal control system? Why? Take into account all six levels (purpose, implementation, and level) of the regulatory classification cube.Explain how Cp and Cpk relate and how they differ?