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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.
Explain how the nature of a substantive test could affect the decisions about when and how much substantive testing is performed and how do these decisions relate to the overall risk assessment for the item being tested?
Beeline Manufacturing produces two types of industrial ventilation machines: heavy-duty and standard. The assignment basis for overhead costs has always been direct labor hours. For 2013, Beeline compiled the following data for the two products:
Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..
Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group.
Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance.
This posting contains an APA formatted MS Word file containing information in regards to the responsibilites of an auditor in the performance of their duties; including their responsibility for discovering of subsequent events occurring after comp..
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?
Suppose you were considering depositing your savings in one of three banks, all of which pay 5 percent interest; bank A compounds annually, bank B compounds semiannually, and bank C compounds daily. Which bank would you choose? Why?
Management at Kudler Fine Foods now wants to see the proposed audit schedules for the systems analyzed by the team in Week Two. Prepare a brief of no more than 1,050 words in which you address the following:
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
What is the length of the channel the bank uses to distribute its own checking account products? How would you describe the channel positioning of People's Bank? What is People's unique selling proposition (USP) OR unique value proposition?
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