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How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
Many companies use the computer to generate purchase orders. Who is responsible for authorizing a purchase when the computer generates the purchase order? What controls need to be implemented in the automated matching process to ensure that only authorized payments are made for goods and services actually received, and that payments are made at the authorized prices?
Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the "tone at the top" for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Give an example of how analytical procedures might be used in the audit of such accounts.
Describe how the separation of authorization of production transactions, recording of these transactions, and physical custody of inventories can be specified among the production, inventory, and cost accounting departments.
Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Write a report based on a Coding Benchmark Audit.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations." Do you agree? Explain.
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
Differences between the book value and the fair value of the identifiable assets of Salem Company
You are required to identify a current controversy relating to Auditors' Independence.
What are some limitations of the internal controls of the business cycles at your organization? How would you address these limitations?
Identify four types of control mechanisms (ways controls are applied) used in Wal-Mart organization. Compare and contrast these control mechanisms. Determine the effectiveness of these control mechanisms.
As part of the audit of Manor Company, you are assigned to review and test the payroll transactions of the Galena plant.
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
"Accounting firms must be liable to pay stockholders if they give a company a clean audit and it goes bankrupt within a year". Write down a response disagreeing with the above statement
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
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