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The following are internal controls that the auditor has identified for various cycles.
1. Sales invoices are matched with shipping documents and customer orders before recording in the sales journal.2. Receiving reports are prenumbered and accounted for on a daily basis.3. Sales invoices are independently verified before being sent to customers.4. Payments by check are received in the mail by the receptionist, who lists the checks and restrictively endorses them.5. Overtime hours for payroll are approved by the employee's supervisor.6. Checks are signed by the company president, who compares the checks with the underlying supporting documents.7. Unmatched shipping documents are accounted for on a daily basis.8. All payroll payments must have a valid employee identification number assigned by the human resources department at the time of hiring.9. The accounts receivable master is reconciled to the general ledger on a monthly basis.Required:a. For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as proper authorization and adequate documents and records).b. For each internal control, identify the transaction related audit objective(s) to which it applies.
Evaluate the audit findings - Determine planning materiality, and tolerable misstatement
A number of factors influence the sample size for a substantive test of details of an account balance. All other factors being equal, which of the following would lead to a larger sample size?
Describes the development of the internationalisation of auditing. Evaluates the need for the internationalisation of auditing. Identifies barriers to the internationalisation of auditing.
What are the different types of audits that retailers use. Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
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.
A Company budgeted sales on account for $120,000 for July, $211,000 for August, and $198,000 for September. Collection experience indicates that none of the budgeted sales will be collected in the month of the sale, 60% will be collected the month..
1.Callie Peters is completing the audit of Making New Friends.com for the year ended December 31, 2013.
Briefly outline the requirements of the UK version of ISA 700/ 750/ 706 and discuss the factors which would influence you as the external auditor in forming an opinion on the financial statements of Home Retail Group plc for 2011.
pure company acquired 80 percent of the outstanding common stock of saxxon company on 2nd january 2013 for 675000. at
answer the subsequent questions regarding the federal governments financial statementsa. who issues the audit
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
question 1. did kpvis client-acceptance process follow the applicable standards and regulations?determine the
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