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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.
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What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
Green Pastures is a 400-acre farm on the outskirts of the Kentucky bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it h..
Use one of the Internet browsers to search for the following terms: Audit evidence, Electronic data interchange and image processing systems. Tell us what each means and give us an example.
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Find the accrued interest earned and find the discounting of note receivable.
Before year end adjusting entries, Bass Company's account balances at December 31, 2007, for accounts receivable and the related allowance for uncollectible accounts were $600,000 and $45,000, respectively.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
Discussion of business objectives, risks and key processes and review of the audit process and timeline
When it comes to taxes, one should always be mindful of the fact that without the IRS, there would not be tax issues to worry about. So as a follow-up question:
What effects are decreases in reserve requirements likely to have on (a) bank reserves, (b) Federal Funds rates, (c) bank lending, (d) Treasury bill rates, and (e) the bank prime rate? Explain your answers.
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