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A company comprises a chain of 94 restaurants. All food orders for each restaurant are required to be entered into an electronic device which records each food order by food server and transmits the order to the kitchen for preparation. Food servers are responsible for collecting payment for all their orders and must turn in the proceeds collected (cash, checks, and credit card receipts) at the end of their shift, which should equal the total sales value of food ordered for their ID number. The manager then reconciles the payments received for the day with the computerized record of food orders generated. All differences are investigated immediately by the restaurant manager or assistant manager. At the end of each day the cash and checks, less a standard amount of cash kept for use the next day, are deposited in a corporate bank account. Credit card receipts are directly credited to the corporate bank account by the credit card provider.
Corporate headquarters wants to establish a monitoring activity to determine if each individual restaurant is recording all its revenues and transmitting the applicable funds to corporate headquarters.
(A) What are monitoring activities?
(B) Design a monitoring activity that would achieve this assurance objective.
Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following:
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
Explain the control principle of independent internal verification. What practices are important in applying this principle?
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
Should rent new equipment and continue to make its subassemblies internally, or whether it should discontinue production of its subassemblies and buy them from an outside supplier.
For several years Orbon, Inc., has followed a policy of paying a cash dividend of $0.71 per share and having a 3% stock dividend. In the 2014 annual report, Orbon reported restated earnings per share for 2012 of $1.12.
What are the typical general components of an audit program? What purpose do these components serve? Which component is most important? Explain why.
Potential Audit Procedure Failures. For each of the general audit procedures of (1) recalculation,(b)observation, (c)confirmation (accounts receivable, securities, or other assets), (d)inquiry, (e) inspection of internal documents
While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager.
that old equipment for producing subassemblies is worn out said paul taylor president of timkin company. we want to
question 10 of total assessment you have been given another client ctl limited to audit. ctl limited ctl sells clay
Establish a separate department that will provide internal audit service to his audit clients.
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