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The following are audit procedures from different transaction cycles:
1. Examine sales invoices for evidence of internal verification of prices, quantities, and extensions.2. Select items from the client's perpetual inventory records and examine the items in the company's warehouse.3. Use audit software to foot and cross-foot the cash disbursements journal and trace the balance to the general ledger.4. Select a sample of entries in the acquisitions journal and trace each one to a related vendor's invoice to determine whether one exists.5. Examine documentation for acquisition transactions before and after the balance sheet date to determine whether they are recorded in the proper period.6. Inquire of the credit manager whether each account receivable on the aged trial balance is collectible.7. Compute inventory turnover for each major product and compare with previous years.8. Confirm a sample of notes payable balances, interest rates, and collateral with lenders.9. Use audit software to foot the accounts receivable trial balance and compare the balance with the general ledger.
Identify the weaknesses in the existing procedures and identify improvements to the existing system - Descibe the control weaknesses in accounting for cash receipts
pure company acquired 80 percent of the outstanding common stock of saxxon company on 2nd january 2013 for 675000. at
Components of the audit planning stages, how to understand the client's business and what the risk assessment portions of audit planning are
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Describe the key internal control structure policies and procedures related to Grant's property, equipment, and related transactions (additions, transfers, major maintenance and repairs, retirements, and dispositions) that Harris may consider in a..
Define each of the following terms:
Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made and demonstrate the entry that should be made at the inception of the lease in government activities journal.
Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
Compute price and usage variances for direct materials and compute the direct labor rate and labor efficiency variances.
question 1an assurance engagement involves evaluation or measurement of subject matter against criteria. discuss the
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
clements amp partners are the audit firm of manufacturing co. and have been for 3 years. the audit firm is considering
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