Identify payments to unauthorized suppliers

Assignment Help Accounting Basics

Reference no: EM132281215

Question: IDEA Data Analysis Workbook:

We will learn and assess the risks associated with Accounts Payable that can be addressed by computer-assisted audit procedures this week using IDEA..

• First read Pages 91-93 of your IDEA 10 CI202 IDEA Data Analysis Workbook to get the background on this subject.

• Then read Page 94 for the Case Scenario for Accounts Payable for Bright IDEAs, Inc., your client, and the request of the CFO of Bright IDEAs, Inc. for you to perform a special review of the Accounts Payable system inside of the firm to test for any potential irregularities in accounts payable

Obtaining the Data You Need; Developing the Audit Program; and Setting Up Your InvestigationNext, read Pages 95-96 covering Obtaining the Data for the work you are going to subsequently perform.Then, read and understand the Audit Program decided upon by the Audit Manager on Page 97.Next, follow the instructions detailed for you starting on Pages 98-100 for Setting up your Investigation; Importing the Accounts Payable and the Authorized Supplier Data Files on Pages 100-110; and Importing the Authorized Suppliers Microsoft Excel Worksheet on Pages 110-113.Then, Verify that the Data Files Have Been correctly imported following the instructions provided to you on Pages 114-118

Next, follow the instructions on Page 119 for Setting the Control Amount for Each Data FileThen, Analyze the Profile of the Payments following the instructions on Pages 120-129Identify High and Unusual Payments following the instructions on Pages 130-132Identify Exceptional Transactions following the instructions on Pages 132-147Test for Duplicate Payments following the instructions on Pages 147-151Search for Gaps in the Check Number and Date Sequences following the instructions on Pages 152-16

Next, Analyze Payment Days to Identify Favorable Terms to Suppliers following the instructions on Pages 163-168. Identify Payments to Unauthorized Suppliers following the instructions on Pages 169-176. Finally, Analyze Payments by Suppliers following the instructions on Pages 176-180.

From the CI202 IDEA Data Analysis Workbook, read Section 3, Accounts Payable Audit and Fraud Investigation, Pages 91-181 and perform the tasks specified on these pages in the IDEA Workbook.

Reports all copied and pasted into MS Word supporting the Audit Findings listed on Page 181 of the Workbook. There are 13 Audit Findings listed on that Page: 12 specific Audit Findings listed with dots next to them, and the analysis of payment values showed a significant number of items just below the $80,000 authorization level finding before those 12 items.

From the CI202 IDEA Data Analysis Workbook, read Section 3, Accounts Payable Audit and Fraud Investigation, Pages 91-181 and perform the tasks specified on these pages in the IDEA Workbook.Submit to the Assignments folder in Leo the IDEA files and/or the corresponding Output Reports all copied and pasted into MS Word supporting the Audit Findings listed on Page 181 of the Workbook. There are 13 Audit Findings listed on that Page: 12 specific Audit Findings listed with dots next to them, and the analysis of payment values showed a significant number of items just below the $80,000 authorization level finding before those 12 items.Create a document in MS Word that briefly documents the audit and/or data analysis process(es) that you employed using IDEA to arrive at each of the 13 different Audit Findings. In your document, each Audit Finding should have a brief narrative section as well as a corresponding screenshot(s) from IDEA to support your written findings and/or your related comments related to the findings. All required screenshots must be inserted into your MS Word document for you to receive credit.

To create a screenshot, go to the IDEA screen that you want to capture to support the Audit Finding and press Ctrl PrtScr. Go to MS Word. Hit Ctrl V. Resize the image for the page and crop the screenshot, if necessary. (A nice third-party free software is JING download, free software, which you may also use for screenshots).Compress and zip your 13 IDEA documents and your narrative document (that includes screenshots) into one zipped.

Reference no: EM132281215

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