Internal control, Auditing

Assignment Help:

Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the following occurrences, tell which of the control procedures was lacking. Also, recommend how the company should change its procedures to avoid the problem in the future. A. Jim's Supply Store's losses due to bad debts have increased dramatically over the past year. In an effort to increase sales, the managers of certain stores have allowed large credit sales to occur without review or approval. B. An accountant hid his theft of $200 from the company's bank account by charging the monthly reconciliation. He knew the manipulation would not be discovered. C. Mark Peterson works in the storeroom. He maintains the inventory records, counts the inventory, and has unlimited access to the storeroom. He occasionally steals items from inventory and hides the theft by including the value of the stolen goods in his inventory count. D. Receiving reports are sometimes filled out days after the shipment has arrived.


Related Discussions:- Internal control

Checking consolidation papers, Checking consolidation papers The audito...

Checking consolidation papers The auditor pays particular attention to the calculation of: Goodwill arising on acquisition and consolidation Pre-acquisition and post-

Types of audits, Types of audits As far we have tended to think in sta...

Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated

Audit procedures, audit procedure for shares or common stock

audit procedure for shares or common stock

Ticket Id - EM13490296A06, Will I be able to download immediately once I pu...

Will I be able to download immediately once I purchase this assignment?

Group auditing and holding campnies, what a group auditing and holding camp...

what a group auditing and holding campanies in details with exmple propurly???

Risk of material misstatement, For each of the following situations, descri...

For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a

Audit of holding companies and group accounts, Audit of Holding Companies a...

Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r

Seek out transactions with related parties, Seek Out Transactions with Rela...

Seek Out Transactions with Related Parties  Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related

Party disclosures used by ias 24, Party Disclosures used by IAS 24 IAS...

Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe

Audit evidence, why are the figures presented to an auditor not sufficient ...

why are the figures presented to an auditor not sufficient for absolute reliance

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd