acc 411 ch 14 (danielle)

acc 411 ch 14 (danielle) - Auditing Lecture NotesChapter...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Auditing Lecture Notes- Chapter Fourteen Opening Vignette Discussion- The CPA firm had to rely on the company’s ICS or it would not have been able to complete the audit in time. Figure 1 - Accounts in the Sales & Collection Cycle Table 1 – Classes of Transactions, Accounts, Business Functions, and Related Documents and Records When are these transactions recorded? – (In Class Exercise) Your are responsible for everything in the “Business Functions in the Cycle and related documents and records”. This should help you better understand the internal control process involved here! On the midterm or final! About 5+ pages of text discussing the documents that are used in this cycle. FLAG those pages! Start picking out the standard internal controls related to specific documents. Ex: shipping document is related to the internal control of approval of credit. Tie objectives into the different types of objectives! Take six transaction related objectives and apply them to a specific cycle.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/30/2009 for the course ACCT 411 taught by Professor Jackson during the Fall '09 term at Michigan State University.

Ask a homework question - tutors are online