### List the control procedures implemented by adelphi

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##### Reference no: EM13342554

CONTINUOUS CASE STUDY IN AUDITING

Supplier invoices are received by the accounts payable clerk who checks the invoices for mathematical accuracy and also agrees the details and quantities on the invoices to the goods received report and purchase order. Once these checks are done, the accounts payable clerk signs off on the invoice and sends it to the financial accountant for final approval. A register is maintained of all invoices received so as to avoid paying duplicate invoices. Once the accountant approves the invoices, they are batched and sent back to the accounts payable clerk
for posting to the accounting system.

At each month end, the accounting system generates a payment report along with a remittance advice providing a break-down of the balances owing. The financial accountant reconciles the totals to each weekly batch summary. Once the balances are reconciled, the accountant approves the payment. The system then initiates electronic transfer of funds to all suppliers and sends either an email copy or hard copy of the remittance advice.

Conclusion: Control risk around purchases is assessed as LOW.

Required
(a) List the control procedures implemented by Adelphi over the purchases cycle.
(b) Discuss the appropriateness of using the audit notes from two years ago and the associated control risk assessment.
(c) Outline further work that would be required to assess control risk in the current audit.

Attachment:- Assignment-Continuous-Case-Study-1-.pdf

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