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List the most important duties that should be segregated in the sales and collection cycle. Explain why it is desirable that each duty be segregated.

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Describe the following documents and records and explain their use in the sales and collection cycle: bill of lading, credit memo, remittance advice, and accounts receivable trial balance. 14-2 (OBJECTIVE 14-2) Explain the importance of proper credit approval for sales. What effect do adequate controls in the credit function have on the auditor’s evidence accumulation? […]

Describe whether the auditor is more concerned about the occurrence or completeness objective related to cash receipts.

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EFFECT OF RESULTS OF TESTS OF CONTROLS AND SUBSTANTIVE TESTS OF TRANSACTIONS 1. Describe whether the auditor is more concerned about the occurrence or completeness objective related to cash receipts. 2. How might the write-off of accounts receivable increase the risk of fraud related to cash receipts?

Which of the following is the auditor least likely to consider when developing the overall audit strategy?

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The following questions concern the overall audit strategy and audit program, including selection of the type of test to perform. Choose the best response. a. In the financial statement audit of a nonpublic company, the auditor decides to per- form tests of the controls related to the occurrence of sales transactions. Which of the following […]

Determine and print the percent of total purchases by vendor number. Do any ven- dors account for more than 5 percent of total purchases?

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This problem requires the use of ACL software, which can be accessed through the textbook website. Information about downloading and using ACL and the commands used in this problem can also be found on the textbook website. You should read all of the reference material preceding the instructions about “Quick Sort” before locating the appropriate […]

Identify whether the control is an automated application control (AC) a manual con- trol done by Gilman employees (MC), or a manual control with an automated com- ponent (MAC).

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Following are 10 key internal controls in the payroll cycle for Gilman Stores, Inc. Key Controls 1. To input hours worked, payroll accounting personnel input the employee’s identi- fication number. The system does not allow input of hours worked for invalid em- ployee numbers. 2. The system generates a listing by employee name of payments […]

Identify the deficiencies in internal control that can be determined from the flowchart. Use the methodology discussed in this chapter. Include internal control deficiencies resulting from activities performed or not performed.

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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, 2019, financial statements. Be sure to explain why testing is or is not required in the current year. 1. The general ledger accounting software […]

Which of the following is an example of an operation deficiency in internal control?

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The following questions deal with deficiencies in internal control. Choose the best response. a. An internal control deficiency may be defined as a condition in which material mis- statements would ordinarily not be timely detected by (1) auditors in assisting control risk. (2) the controller reconciling the general ledger. (3) employees in normal course of […]

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