Auditing week 7 - 21-17 A – The storekeeping function...

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Auditing week 7 Answers 18-18 A – 4) Sending written quarterly confirmations to all vendors B – 2) Purchase orders C - 2) The official signing the check compares the check with the documents and should deface the documents. 18-21 1 –Control and Substantive test of transaction- Procedure if accuracy/ recorder acquisitions transactions are accurate 2- Control -Procedure is occurrence/ transactions are good received 3 – Substantive test of transaction - Procedure is posting and summarization/ Accounts payable are correctly summarized 4 – Control - Completeness/existing cash record accurate 5 – Substantive test of transaction -Procedure is accuracy/cash disbursement accurate 6 – Control and Substantive test of transaction - Procedure completeness/Existing acquisition recorded 7 - Substantive test of transaction – Occurrence/Acquisition of goods and service recorded 8 - Substantive test of transaction – Accuracy/Cash disbursement are correct
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Unformatted text preview: 21-17 A – The storekeeping function were to be combined with production nd recorded keeping. B – Forwarded to the receiving department C – Maintain a perpetual inventory master file of the only the more valuable items with frequent periodic verification of the validity of the perpetuals. 21-18 A – Cost has been correctly assigned to finish goods, work-in-process, and cost of goods sold. B – Receiving report C – Inspect documents 21-19 A – Review of perpetual inventory master file B – The existence of obsolete merchandise C – Percentage of slow-moving inventory items. 24-22 A - An inquiry directed to legal confirmation B – An estimate of when the matter will be resolved. C- Take no action regarding the event. 24-23 A – Remind management of its primary responsibility for financial statements. B – Date of auditor’s report C – A scope limitation sufficicient to prelude an unqualified opinion 24-27...
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This note was uploaded on 10/28/2011 for the course AUDITING auditing taught by Professor Auditing during the Spring '11 term at Keller Graduate School of Management.

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Auditing week 7 - 21-17 A – The storekeeping function...

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