Xinteng Chen

Week 6 Questions

Assume you’re an outside organization with goal to cause negative things to happen to an organization’s Order to Cash (OTC) process. Where would you attack it? Explain Why and How
Who in an organization should care more about the collections process – Finance or Sales? Explain
Controls are important in all the OTC processes including invoicing and collections. What would be different in the controls of a purely domestic US company vs. an international company? Give 1 – 2 specific examples.
You’ve now seen the entire Order to Cash (OTC) Process. If you were responsible for the controls of this process – what would keep you up at night (e.g. be your area of most concern)? Explain

Using the Fraud Triangle analyze the ‘One Piece at a Time’ video scenario and explain how the environment was favorable to Fraud.
Assume the ‘One Piece at a Time’ video scenario could happen. If you are the operations manager responsible for the assembly line, what 1-2 key controls would you implement?Explain how the control addresses the risk.
Controls are important in all the OTC processes including shipping. What would be different in the controls of a purely domestic company vs. an international company? Give 1 – 2 specific examples.
As consumers we encounter (knowingly and unknowingly) inventory controls all the time (e.g. locked jewelry cases).What are 1-2 less obvious inventory control measures used. Are these measures effective?

As customers we experience various company’s order to cash process (OTC) whenever we buy something. Which company do you believe has a ‘great’ OTC process? Why?
Which portion of the Order to Cash (OTC) process do they see as the most vulnerable to theft, fraud or failure of some kind? Explain.
Who in a company should be responsible for the controls of that company’s Order to Cash (OTC) Process? Why?
What key (1-2) competencies does the person responsible in a company for the Order to Cash (OTC) need to have? Why?

The concept of ‘Assertions’ is important to accountants. Who else is it important to? Why?
In class we discussed several dimensions of Management Assertions. Which do you believe is the most important? Why?
Have you ever:
– Been victim of Fraud?
– Had evidence of, suspicions of fraud occurring?
– Been pressured (e.g. by an employer) to commit an act that was morally or legally questionable?
Explain
Which portion / step of the Procure to Pay process do they see as the most vulnerable to theft, fraud or failure of some kind? Explain

Attacheddocument contains feedback from prior classes on these questions:

Why Should I Take this Course? (What Key Things will I Learn?)

What Should I do to Assure Getting a Good Grade in this Course?

Note: Items I heard more often are bolded and made larger (larger means more commonly shared).