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For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount, John is the only person to ever tally the fund.
2. All of the company's cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by appropriate invoice and, for purchases, a receiving document; the vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser's signature. Leiser also maintains the company's check register (the cash disbursements journal) and reconciles the bank account at the end of each month.
3. Fran Jones opens the company's mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.
Prepare a memo on the 'state of the company's industry' and associated risk factors.
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
Show why each of the five areas specified by the audit committee may or may not be suitable for this assurance engagement.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
Discuss how internal control problems may have contributed to the failure of Tyco International. Describe these problems and their cause. What would you have done differently, if you had been in charge (be specific)?
Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to
To prepare a report on a criteria audit conducted at Curtin Hospital.
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
State whether Event is adjusting or non-adjusting event.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
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