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Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement that would be prevented or detected by its use.
a. Duties segregated between the cash payments and cash receipts functions b. Signature plates kept under lock and key c. The accounting department matches invoices to receiving reports or special authorizations before payment d. All checks mailed by someone other than the person preparing the payment voucher e. The accounting department matches invoices to copies of purchase orders f. Keep the blank stock of checks under lock and key g. Use imprest accounts for payroll h. Bank reconciliations performed by someone other than the one who writes checks and handles cash i. Use a check protector j. Periodically conduct surprise counts of cash funds k. Orders placed with approved vendors only l. All purchases made by the purchasing department
Public Accounting firm (Modeling Human Resource Management)
Draw an E-R diagram using the REA approach for the recruiting process at a typical public accounting ?rm. Assume that there are three main events: hold recruiting events, hire new employees, train employees
What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?
You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Examine the CPA profession and licensing requirements (Use New Jersey's please). Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards.
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
Prepare a two-page audit critique, and include each of the following: Briefly describe the purpose of the audit (identify the type of audit). Briefly describe the method(s) used during the audit
As the Chief Human Resource Officer, you have just been contacted by your legal team. They just informed you that your organization has been selected to undergo a Federal I-9 audit.
Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
You're the Chief Financial Officer (CFO) of a firm that is being sued for damages it caused. It is the end of your fiscal year, and you are trying to determine the appropriate treatment of this matter.
Write a report based on a Coding Benchmark Audit.
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
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