AC410-01_Unit 4_Project_Marjorie Bowden

AC410-01_Unit 4_Project_Marjorie Bowden - AC410-01 Unit 4...

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AC410-01 Unit 4 Project Marjorie Bowden 7-38 Evidence Internal or External Reliability Level (a)Account Balance & (b) Assertion 1. Vendor Invoice a. What is a ledger account that is related to or affected by the evidence? b. See page 307 for the main assertions, such as completeness and existence/occurrence 1. Vendor invoices External Moderate a. Inventory b. Existence/Occurrence 2. Vendor monthly statements External Moderate a. Accounts Payable b. Valuation/allocation 3. Sales invoices Internal Low a. Accounts Receivable b. Presentation/disclosure 4. Shipping documents for sales External High a. Accounts Receivable b. Presentation/disclosure 5. Bank statements External High a. Net Income b. Completeness 6. Employee payroll time cards Internal Low a. Accounts Payable Payroll b. Rights/obligations 7. Receiving reports for goods received from vendors Internal Moderate a. Inventory b. Presentation/disclosure 8. Sales contracts External Moderate a. Lease Obligation b. Rights/obligations 9. Purchase commitment contracts External Moderate a. long term debts b. Rights/obligations 10. Lease agreements External High a. Lease Obligation
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