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For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount, John is the only person to ever tally the fund.
2. All of the company's cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by appropriate invoice and, for purchases, a receiving document; the vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser's signature. Leiser also maintains the company's check register (the cash disbursements journal) and reconciles the bank account at the end of each month.
3. Fran Jones opens the company's mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.
Describe the five components of the definition of auditing. For each component, identify which aspects of the audit committee oversight audit fit the definition.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
State whether Event is adjusting or non-adjusting event.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
Evaluate planning materiality, and tolerable misstatement. Justify your decisions. Determine the audit findings. Justify your decisions.
You will be required to obtain/study annual reports of companies in the industry
You are required to identify a current controversy relating to Auditors' Independence.
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Income tax liability. Fisher's tax attorney informed you that it is possible that the client will have to pay $875,000 in taxes regarding a tax dispute that started four years ago.
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
Propose a broad audit plan
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