Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Internal controls 1 through 5 were tested in prior audits. Evaluate each internal control independently and determine which controls must be tested in the current year's audit of the December 31, 2013, financial statements. Be sure to explain why testing is or is not required in the current year.1. The general ledger accounting software system automatically reconciles totals in each of the subsidiary master files for accounts receivable, accounts payable, and inventory accounts to the respective general ledger accounts. This control was most recently tested in the prior year. No changes to the software have been made since testing and there are effective controls over IT security and software program changes.2. The accounts payable clerk matches vendor invoices with related purchaser orders and receiving reports and investigates any differences noted. This control was tested in the 2012 fiscal year d audit. No changes to this control or personnel involved have occurred since testing was performed.3. The sales system automatically determines whether a customer's purchase order and related accounts receivable balance are within the customer's credit limit The risk of shipping goods to customers who exceed their credit limit is deemed to be a significant risk. This control was last tested in the December 31, 2011, financial statement audit.4. The perpetual inventory system automatically extends the unit price times quantity for inventory on hand. This control was last tested in the audit of December 31, 2011, financial statements. During 2013, the clit made changes to this software system.5. The client's purchase accounting system was acquired from a reputable software vendor several years ago. This system contains numerous automated controls. The auditor tested those controls most recently in the 2012 audit. No changes have been made to any of these controls since testing and the client's controls over IT security and software program changes are excellent.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
The president has promised an intensive ''audit'' of all aspects of the department's performance. The university has never explicitly established formal goals for the athletic department.
The audit documentation represents the auditor's accumulation of evidence and conclusions reached on an audit engagement. Prior-year audit documentation can provide insight into an audit engagement that will be useful in planning the current year ..
Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
Describe about owning a computerized accounting system by (developing internally; purchased from 3rd party provider or purchased from 3rd party with company custom made features).
question 1important influences on audit qualityin 2012 the iaasb identified their essential goals were to- raise
questionwhile out at a consulting engagement one of your graduate staff members comes to you with the following
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion?
Design tests of controls, substantive tests of transactions, and analytical procedures for the Cash Cycle at Apollo Shoes.
Describes the development of the internationalisation of auditing. Evaluates the need for the internationalisation of auditing. Identifies barriers to the internationalisation of auditing.
Preparing memo on state of the company industry
Payroll fraud is a type of fraud that's not very difficult to find, if there are controls in place. What often happens, however, is that the payroll clerk is well respected and trusted and allowed free reign.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd