An audit program relates to the cash, sales and receivables cycles and accounts.
Discuss audit procedures for the audit of accounts receivable. How does this apply to your chosen organization?
An audit program relates to the cash, sales and receivables cycles and accounts. Discuss audit procedures...
An audit program relates to the acquisition, fixed assets, notes payable and equity cycles and accounts. Discuss audit tests of notes payable and related accounts and transactions. How does this apply to your chosen organization?
An audit program relates to the acquisition, fixed assets, notes payable and equity cycles and accounts. Discuss audit tests of notes payable and related accounts and transactions.
Ch.16 Discussion Topic: Audit procedure: Accounts Receivable Confirmation What procedures should an auditor perform for a Positive confirmation (vs. negative A/R confirmation) that is not returned by the client's customer? Please also discuss effectiveness (pros and cons) of each audit procedures you have decided to apply in conjunction with Accounts Receivables/revenue audit procedures/methodologies/techniques.
For the audit of Storey Corp the following audit procedures are included in the audit program because of heightened risks of material misstatements due to fraud. 1. 2. 3. 4. 5. Use audit software to search cash disbursement master files for missing check numbers. Search the accounts receivable master file for account balances with missing or unusual customer numbers (e.g., "99999"). Use audit software to create a list of all credits to the repair and maintenance expense account for follow-up...
The following audit procedures are included in the audit program of Holland Equipment, Inc. 1. Use audit software to examine journal entries in the sales, cash receipts, purchases, cash disbursements, payroll, and general journals for any amounts exceeding $1 million and for any entries with unusual account codings. Review related supporting documentation for reasonableness. 2. Examine the estimate for the Allowance for Doubtful Accounts recorded in the prior-year audited financial statements. Obtain information about receivable writeoffs recorded during the current...
The following audit procedures are included in the audit program because of heightened risks of material misstatements due to fraud. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related parties. Search sales databases for missing bill of lading numbers. Use audit software to search for journal entries posted to the sales revenue account from a nonstandard source (other than the daily sales journal). Use audit software to search cash...
Kindly, provide short answers. Thank you. Class Discussion Exercise- Accounts Receivable Audit Objectives and Procedures for Accounts Receivable. In the audit of accounts receivable, auditors develop specific audit assertions related to the receivables. They then design specific substantive procedures to obtain evidence about each of these assertions, Here is a selection of accounts receivable assertions: Accounts receivable represent all amounts owed to the client company at the balance sheet date. b. a. The client company has a legal right to...
DQ1. What is an Audit Work Program (some call it Audit Program)? The audit work program - Email Surveillance Audit Program – What is the structure and contents including various audit steps. Find 1-2 steps in the audit program where the audit software can be used. How can audit software be used to gather evidence?. (the Audit program (Email Surveillance Audit Program details is attached). DQ3. Review the contents of the Audit Manual of Office of University Audits at University...
For each of the following specific audit procedures, indicate the type of audit evidence it is gathering: (1) Inspection of records or documents, (2) inspection of tangible assets (3) observation, (4) inquiry, (5) confirmation, (6) recalculationreperformance (8) analytical procedures, and (9) scanning. The audit evidences can be used more than once a Discussing the recording of sales discounts in the fourth quarter with the accounts receivable manager b Examining sales invoices for supporting customer order and shipping documents c Reviewing...
Richie was the Controller at Ralph Malph Enterprises (RME), a publicly-traded sales supported company. He started the job six months ago and after observing the activities in his area, he determined that the accounts receivables procedures needed to be tightened up. He approached Marion, the Accounts Receivable clerk, requesting her assistance in documenting the procedures related to new customer approvals, credit limits, and cash receipts. Marion indicated that there were no formal procedures for approving new customers—she received names and...