ACC 413 Final Exam - Ryan Thiel 12/13/2011 ACC 413 6:00 pm...

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Ryan Thiel 12/13/2011 ACC 413 6:00 pm - 8:50 pm ACC 413 Take Home Final Exam There were two types of audits were performed during the course of this internal audit. The two types of audits that were performed were financial and operational. Financial audits, "review accounting and financial transactions to determine if commitments, authorizations, and receipt and disbursement of funds are properly and accurately recorded and reported. This type of audit also determines if there are sufficient controls over cash and other assets and that adequate process controls exist over the acquisition and use of resources. Unlike external financial audits, internal financial audits do not prepare or express professional opinions on the financial statements fairness. 1 During the course of this internal audit of the Lexington Public Library, the main source of the financial audit, was the review of the organization use of credit cards, and the abuse by library employees. Operational audits are conducted to evaluate the efficiency and effectives of business processes or internal controls. Purchasing procedures were reviewed during the scope of this audit. This audit was conducted within the scope of this audit. The scope and objectives of the audit were stated on page one of the report. The auditor(s) conducted the audit it a very clear and concise manner. The documents and data that they reviewed was reviewed only for the date constraints that were outlined in the report. Also, this audit was conducted in accordance with the International Standards for the Professional Practice of Internal Auditing. The following is the audit program for the stated audit objectives. The stated audit objectives of this particular audit are, (1) Financial transactions, particularly credit card 1 1
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expenditures, at the LPL were reasonable and appropriate , and (2) Purchasing procedures were reasonable and appropriate. The detailed review of these transactions and procedures was January 2006 through April 2009. Audit Program for financial transactions:
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This note was uploaded on 12/14/2011 for the course ACC 413 taught by Professor Cannon during the Spring '11 term at Grand Valley State University.

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ACC 413 Final Exam - Ryan Thiel 12/13/2011 ACC 413 6:00 pm...

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