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Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the following occurrences, tell which of the control procedures was lacking. Also, recommend how the company should change its procedures to avoid the problem in the future. A. Jim's Supply Store's losses due to bad debts have increased dramatically over the past year. In an effort to increase sales, the managers of certain stores have allowed large credit sales to occur without review or approval. B. An accountant hid his theft of $200 from the company's bank account by charging the monthly reconciliation. He knew the manipulation would not be discovered. C. Mark Peterson works in the storeroom. He maintains the inventory records, counts the inventory, and has unlimited access to the storeroom. He occasionally steals items from inventory and hides the theft by including the value of the stolen goods in his inventory count. D. Receiving reports are sometimes filled out days after the shipment has arrived.
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
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For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
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Oversee commission staff to ensure individuals are properly trained and monitored. please provide me with some risks, controls and audit tests for the process above.
Question : Describe the methodology and process of conducting an audit. Define audit Describe the methodology of conducting an audit Describe the process of conduc
Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice
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