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The subsequent internal controls for the acquisition and payment cycle were selected from a standard internal control questionnaire. 1. Checks are mailed by owner or manager or a person under her supervision after signing. 2. All supporting documents are cancelled after electronic funds transfers are or checks are signed approved. 3. The authorized signer compares data on supporting documents with electronic funds transfer and checks authorizations. 4. Vendors' invoices are recalculated before payment. 5. Approved purchase orders are necessary for all acquisitions of goods. 6. Prenumbered receiving reports are prepared as support for acquisitions and numerically accounted for. 7. Dates on receiving reports are compared with vendors' invoices before entry into acquisitions journal. 8. The accounts payable master file is updated, balanced, and reconciled to general ledger monthly. 9. Account classifications are reviewed by someone other than preparer. 10. All checks are signed by manager or owner. Required a. For each control, recognize which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over records and assets, or independent checks on performance). b. For each control, state which transaction-related audit objective(s) is (are) applicable. c. For each control, prepare an audit procedure that could be used to test the control for effectiveness. d. For every control, recognize a likely misstatement, assuming that the control does not exist or is not functioning. e. For each likely misstatement, classify a substantive audit procedure to evaluate whether the misstatement exists.
Discuss how you would perform preliminary analytical procedures and recommend ways to mitigate engagement risk and audit risk.
What are the implications of having the same person performing accounts payable and accounts receivable functions?
Assume you are an auditor of a small, publicly held "parts" supplier in Detroit. Its major clients are the auto companies, although they do support some appliance manufacturers and the airline industry. What type of questions would you ask about m..
You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation
The audit documentation represents the auditor's accumulation of evidence and conclusions reached on an audit engagement. Prior-year audit documentation can provide insight into an audit engagement that will be useful in planning the current year ..
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
At July 31, Kuhlmann Company has the following bank information: cash balance per bank $8,069, outstanding checks $856, deposits in transit $1,500, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31.
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
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