During a recent information systems review of HTM Ltd, the following internal control procedures were identified
Assigning different employees to maintain physical stock in the warehouse and the stock records.
Storing high-value stock items within a secure area with authorized/restricted access.
Requiring all payments for sales to be made by cheque/credit or debit card.
Counting stock periodically and comparing the count of each item to the stock records
Requiring all returns of sold goods to be listed on a special credit form that is prepared and signed by a manager.
E-mailing a monthly statement to each customer, showing the details of all transactions and the balance owed
Identify a risk exposure that each of the following control procedures or practices is intended to prevent or detect. For each of the above, provide an example of what might occur if the control were not in place and list one or more factors that could cause the risk exposure to be relatively high:
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