Business, 17.06.2020 17:57 mdlemuslopez

Assertion Auditing objectives What could go wrong? Mitigating controls Data analysis auditing procedures Data requirements Accounts receivable – account balance Existence Amounts reported in the financial statements represent valid receivables. An order is placed and a receivable is recorded without any product being shipped. Debits to accounts receivable are only generated from the order entry system. ► Compare debits to accounts receivable against recorded sales. ► Review and test subsequent receipts. ► Evaluate proper segregation of duties by examining postings by source and preparer (e. g., sales only entered by authorized salesclerk). ► Sales amounts ► Cash receipt amounts ► Customer names ► Transaction dates ► Transaction numbers ► General ledger postings by preparer and source (e. g., order entry) A shipping number and FedEx identification number are entered into the system as evidence of order fulfillment and discrepancies are investigated. ► Verify that every sales transaction has a shipping number and FedEx identification number. ► Analyze gross margin percentage trends by month and by customer. ► Customer names ► Transaction numbers ► Shipping numbers ► FedEx ID numbers ► Sales amounts ► Cost of goods sold amounts ► Transaction dates

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 19:00

Minolta inc. is considering a project that has the following cash flow and wacc data. what is the project's mirr? note that a project's projected mirr can be less than the wacc (and even negative), in which case it will be rejected. wacc: 10.00% year 0 1 2 3 4 cash flows -$850 300 $320 $340 $360

Answers: 3

Answer

Business, 21.06.2019 20:30

If temper company, a manufacturer of mattresses, was considering moving its production facilities to china but decided against it because the additional costs of shipping the mattresses back to the u.s. would offset the cost savings associated with moving the production facilities, the increased costs associated with shipping would be an example ofanswers: learning-curve economies.diseconomies of scale.economies of scale.competitive advantages.

Answers: 2

Answer

Business, 21.06.2019 21:00

Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.

Answers: 1

Answer

Business, 21.06.2019 21:30

1. gar principles or "the principles"are intended to do what?

Answers: 2

Answer

You know the right answer?

Assertion Auditing objectives What could go wrong? Mitigating controls Data analysis auditing proced...

Questions