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The subsequent internal controls for the acquisition and payment cycle were selected from a standard internal control questionnaire. 1. Checks are mailed by owner or manager or a person under her supervision after signing. 2. All supporting documents are cancelled after electronic funds transfers are or checks are signed approved. 3. The authorized signer compares data on supporting documents with electronic funds transfer and checks authorizations. 4. Vendors' invoices are recalculated before payment. 5. Approved purchase orders are necessary for all acquisitions of goods. 6. Prenumbered receiving reports are prepared as support for acquisitions and numerically accounted for. 7. Dates on receiving reports are compared with vendors' invoices before entry into acquisitions journal. 8. The accounts payable master file is updated, balanced, and reconciled to general ledger monthly. 9. Account classifications are reviewed by someone other than preparer. 10. All checks are signed by manager or owner. Required a. For each control, recognize which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over records and assets, or independent checks on performance). b. For each control, state which transaction-related audit objective(s) is (are) applicable. c. For each control, prepare an audit procedure that could be used to test the control for effectiveness. d. For every control, recognize a likely misstatement, assuming that the control does not exist or is not functioning. e. For each likely misstatement, classify a substantive audit procedure to evaluate whether the misstatement exists.
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
Prepare the consolidation removal entries
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence.
How would you respond to corporate decision to which you're ethically opposed?
Find the accrued interest earned and find the discounting of note receivable.
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
When assessing risk factors due to errors and fraud, what are some types of examples of these? Have you seen this occur in the workplace past/present/familiar with a situation?
Weaver, Inc. received a $60,000, six-month, 12% interest -bearing note from a customer. The note was discounted the same day at Third National Bank at 15%
You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
Accounts Receivable had a blalance of $5400 the beginning of the month and $2,200 at the end of the month. Credit sales totaled $30,000 during the month. Assuming that all sales were made
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