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Account: Accounts Payable No. 200 Balance Accounts Payable Subsidiary Ledger Vendor A Vendor C Date Invoice Debit Credit Debit Credit Balance Balance 8/1/2022 Beginning Balance 2,075.55 Date Invoice Debit Credit 8/3/2022 8/4/2022 8/8/2022 8/9/2022 4325 4322 200.00 4320 1,132.22 350.44 2,425.99 8/1/2022 Beginning Balance Debit Credit 1,532.22 2,225.99 8/4/2022 4322 200.00 1,332.22 1,093.77 8/8/2022 4320 1,132.22 Date Invoice Debit 8/1/2022 Beginning Balance 8/4/2022 200.00 8/12/2022 Credit Debit Credit 43.21 4319 43.21 4327 435.76 435.76 4326 380.99 1,474.76 8/18/2022 4330 280.09 480.09 8/19/2022 4331 87.92 523.68 8/12/2022 4324 200.00 1,274.76 8/24/2022 4332 250.00 8/12/2022 4327 435.76 1,710.52 8/15/2022 4328 400.00 2,110.52 8/17/2022 4318 300.12 1,810.40 8/26/2022 4316 200.00 8/31/2022 Ending Bala 1,532.22 530.09 Vendor B 730.09 8/24/2022 4334 530.09 8/31/2022 Ending Bala 530.09 109.52 633.20 43.21 Vendor D 633.20 633.20 Balance 8/17/2022 4329 1,844.28 3,654.68 Balance Date 8/18/2022 4330 280.09 3,934.77 Date 8/19/2022 4331 87.92 4,022.69 Invoice Debit 8/1/2022 Beginning Balance Credit 8/22/2022 4325 350.44 3,672.25 8/3/2022 4325 350.44 8/23/2022 4333 150.00 3,822.25 8/12/2022 4324 200.00 8/24/2022 4332 250.00 4,072.25 8/17/2022 4329 1,804.28 8/24/2022 4334 109.52 4,181.77 8/22/2022 8/26/2022 4316 200.00 3,981.77 8/30/2022 4325 4336 350.44 8/29/2022 4335 2,000.00 5,981.77 8/31/2022 Ending Bala 550.44 350.41 2,505.13 2,154.69 2,154.69 Debit Credit 200.00 550.44 350.44 2,154.72 1,804.28 8/29/2022 8/30/2022 Invoice Debit 8/1/2022 Beginning Balance Credit Debit Credit 300.12 8/9/2022 8/15/2022 8/17/2022 8/23/2022 4326 4328 380.99 4,000.00 681.11 4,681.11 4318 4333 4335 300.12 4,380.99 150.00 2,000.00 4,530.99 6,530.99 4328 4,000.00 2,530.99 8/31/2022 Ending Bala 4,300.12 6,530.99 2,530.99 8/30/2022 4336 350.41 6,332.18 8/30/2022 4328 4,000.00 2,332.18 8/31/2022 Ending Balance 6,382.78 6,639.41 2,332.18 1. Analyze the state of the company's current financial controls. A. Use Posey's Pet Emporium Accounts Payable Policies and Procedures and Accounts Payable Ledgers and Journals found in the Supporting Materials section. B. Include any internal or external controls found in the guide. 2. Identify inconsistencies and anomalies in controls. Include the following details in your response: A. Identify any discrepancies in the controls. B. Identify numbers that appear irregular (red flags). 3. Identify risks for potential fraud, stealing, or information exposure by reviewing the general ledger/journal numbers. Consider the following in your response: A. Determine whether established security procedures are being followed. B. Examine roles and access to data. C. Determine if approval paths meet the level of security for the task. 4. Explain the need for risk mitigation based on the scenario. Include the following details in your response: A. Identify inconsistencies or anomalies that require risk mitigation. 5. Summarize your findings based on your analysis. Include the following details in your response: A. Identify any inconsistencies or anomalies present. B. Explain the risks discovered.

Account: Accounts Payable No. 200 Balance Accounts Payable Subsidiary Ledger Vendor A Vendor C Date Invoice Debit Credit Debit Credit Balance Balance 8/1/2022 Beginning Balance 2,075.55 Date Invoice Debit Credit 8/3/2022 8/4/2022 8/8/2022 8/9/2022 4325 4322 200.00 4320 1,132.22 350.44 2,425.99 8/1/2022 Beginning Balance Debit Credit 1,532.22 2,225.99 8/4/2022 4322 200.00 1,332.22 1,093.77 8/8/2022 4320 1,132.22 Date Invoice Debit 8/1/2022 Beginning Balance 8/4/2022 200.00 8/12/2022 Credit Debit Credit 43.21 4319 43.21 4327 435.76 435.76 4326 380.99 1,474.76 8/18/2022 4330 280.09 480.09 8/19/2022 4331 87.92 523.68 8/12/2022 4324 200.00 1,274.76 8/24/2022 4332 250.00 8/12/2022 4327 435.76 1,710.52 8/15/2022 4328 400.00 2,110.52 8/17/2022 4318 300.12 1,810.40 8/26/2022 4316 200.00 8/31/2022 Ending Bala 1,532.22 530.09 Vendor B 730.09 8/24/2022 4334 530.09 8/31/2022 Ending Bala 530.09 109.52 633.20 43.21 Vendor D 633.20 633.20 Balance 8/17/2022 4329 1,844.28 3,654.68 Balance Date 8/18/2022 4330 280.09 3,934.77 Date 8/19/2022 4331 87.92 4,022.69 Invoice Debit 8/1/2022 Beginning Balance Credit 8/22/2022 4325 350.44 3,672.25 8/3/2022 4325 350.44 8/23/2022 4333 150.00 3,822.25 8/12/2022 4324 200.00 8/24/2022 4332 250.00 4,072.25 8/17/2022 4329 1,804.28 8/24/2022 4334 109.52 4,181.77 8/22/2022 8/26/2022 4316 200.00 3,981.77 8/30/2022 4325 4336 350.44 8/29/2022 4335 2,000.00 5,981.77 8/31/2022 Ending Bala 550.44 350.41 2,505.13 2,154.69 2,154.69 Debit Credit 200.00 550.44 350.44 2,154.72 1,804.28 8/29/2022 8/30/2022 Invoice Debit 8/1/2022 Beginning Balance Credit Debit Credit 300.12 8/9/2022 8/15/2022 8/17/2022 8/23/2022 4326 4328 380.99 4,000.00 681.11 4,681.11 4318 4333 4335 300.12 4,380.99 150.00 2,000.00 4,530.99 6,530.99 4328 4,000.00 2,530.99 8/31/2022 Ending Bala 4,300.12 6,530.99 2,530.99 8/30/2022 4336 350.41 6,332.18 8/30/2022 4328 4,000.00 2,332.18 8/31/2022 Ending Balance 6,382.78 6,639.41 2,332.18 1. Analyze the state of the company's current financial controls. A. Use Posey's Pet Emporium Accounts Payable Policies and Procedures and Accounts Payable Ledgers and Journals found in the Supporting Materials section. B. Include any internal or external controls found in the guide. 2. Identify inconsistencies and anomalies in controls. Include the following details in your response: A. Identify any discrepancies in the controls. B. Identify numbers that appear irregular (red flags). 3. Identify risks for potential fraud, stealing, or information exposure by reviewing the general ledger/journal numbers. Consider the following in your response: A. Determine whether established security procedures are being followed. B. Examine roles and access to data. C. Determine if approval paths meet the level of security for the task. 4. Explain the need for risk mitigation based on the scenario. Include the following details in your response: A. Identify inconsistencies or anomalies that require risk mitigation. 5. Summarize your findings based on your analysis. Include the following details in your response: A. Identify any inconsistencies or anomalies present. B. Explain the risks discovered.

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle
Section: Chapter Questions
Problem 14RQSC
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  1. Analyze the state of the company's current financial controls.
    1. Use Posey’s Pet Emporium Accounts Payable Policies and Procedures and Accounts Payable Ledgers and Journals found in the Supporting Materials section.
    2. Include any internal or external controls found in the guide.
  2. Identify inconsistencies and anomalies in controls. Include the following details in your response:
    1. Identify any discrepancies in the controls.
    2. Identify numbers that appear irregular (red flags).
Account: Accounts Payable No. 200 Balance Accounts Payable Subsidiary Ledger Vendor A Vendor C Date Invoice Debit Credit Debit Credit Balance Balance 8/1/2022 Beginning Balance 2,075.55 Date Invoice Debit Credit 8/3/2022 8/4/2022 8/8/2022 8/9/2022 4325 4322 200.00 4320 1,132.22 350.44 2,425.99 8/1/2022 Beginning Balance Debit Credit 1,532.22 2,225.99 8/4/2022 4322 200.00 1,332.22 1,093.77 8/8/2022 4320 1,132.22 Date Invoice Debit 8/1/2022 Beginning Balance 8/4/2022 200.00 8/12/2022 Credit Debit Credit 43.21 4319 43.21 4327 435.76 435.76 4326 380.99 1,474.76 8/18/2022 4330 280.09 480.09 8/19/2022 4331 87.92 523.68 8/12/2022 4324 200.00 1,274.76 8/24/2022 4332 250.00 8/12/2022 4327 435.76 1,710.52 8/15/2022 4328 400.00 2,110.52 8/17/2022 4318 300.12 1,810.40 8/26/2022 4316 200.00 8/31/2022 Ending Bala 1,532.22 530.09 Vendor B 730.09 8/24/2022 4334 530.09 8/31/2022 Ending Bala 530.09 109.52 633.20 43.21 Vendor D 633.20 633.20 Balance 8/17/2022 4329 1,844.28 3,654.68 Balance Date 8/18/2022 4330 280.09 3,934.77 Date 8/19/2022 4331 87.92 4,022.69 Invoice Debit 8/1/2022 Beginning Balance Credit 8/22/2022 4325 350.44 3,672.25 8/3/2022 4325 350.44 8/23/2022 4333 150.00 3,822.25 8/12/2022 4324 200.00 8/24/2022 4332 250.00 4,072.25 8/17/2022 4329 1,804.28 8/24/2022 4334 109.52 4,181.77 8/22/2022 8/26/2022 4316 200.00 3,981.77 8/30/2022 4325 4336 350.44 8/29/2022 4335 2,000.00 5,981.77 8/31/2022 Ending Bala 550.44 350.41 2,505.13 2,154.69 2,154.69 Debit Credit 200.00 550.44 350.44 2,154.72 1,804.28 8/29/2022 8/30/2022 Invoice Debit 8/1/2022 Beginning Balance Credit Debit Credit 300.12 8/9/2022 8/15/2022 8/17/2022 8/23/2022 4326 4328 380.99 4,000.00 681.11 4,681.11 4318 4333 4335 300.12 4,380.99 150.00 2,000.00 4,530.99 6,530.99 4328 4,000.00 2,530.99 8/31/2022 Ending Bala 4,300.12 6,530.99 2,530.99 8/30/2022 4336 350.41 6,332.18 8/30/2022 4328 4,000.00 2,332.18 8/31/2022 Ending Balance 6,382.78 6,639.41 2,332.18
Transcribed Image Text:Account: Accounts Payable No. 200 Balance Accounts Payable Subsidiary Ledger Vendor A Vendor C Date Invoice Debit Credit Debit Credit Balance Balance 8/1/2022 Beginning Balance 2,075.55 Date Invoice Debit Credit 8/3/2022 8/4/2022 8/8/2022 8/9/2022 4325 4322 200.00 4320 1,132.22 350.44 2,425.99 8/1/2022 Beginning Balance Debit Credit 1,532.22 2,225.99 8/4/2022 4322 200.00 1,332.22 1,093.77 8/8/2022 4320 1,132.22 Date Invoice Debit 8/1/2022 Beginning Balance 8/4/2022 200.00 8/12/2022 Credit Debit Credit 43.21 4319 43.21 4327 435.76 435.76 4326 380.99 1,474.76 8/18/2022 4330 280.09 480.09 8/19/2022 4331 87.92 523.68 8/12/2022 4324 200.00 1,274.76 8/24/2022 4332 250.00 8/12/2022 4327 435.76 1,710.52 8/15/2022 4328 400.00 2,110.52 8/17/2022 4318 300.12 1,810.40 8/26/2022 4316 200.00 8/31/2022 Ending Bala 1,532.22 530.09 Vendor B 730.09 8/24/2022 4334 530.09 8/31/2022 Ending Bala 530.09 109.52 633.20 43.21 Vendor D 633.20 633.20 Balance 8/17/2022 4329 1,844.28 3,654.68 Balance Date 8/18/2022 4330 280.09 3,934.77 Date 8/19/2022 4331 87.92 4,022.69 Invoice Debit 8/1/2022 Beginning Balance Credit 8/22/2022 4325 350.44 3,672.25 8/3/2022 4325 350.44 8/23/2022 4333 150.00 3,822.25 8/12/2022 4324 200.00 8/24/2022 4332 250.00 4,072.25 8/17/2022 4329 1,804.28 8/24/2022 4334 109.52 4,181.77 8/22/2022 8/26/2022 4316 200.00 3,981.77 8/30/2022 4325 4336 350.44 8/29/2022 4335 2,000.00 5,981.77 8/31/2022 Ending Bala 550.44 350.41 2,505.13 2,154.69 2,154.69 Debit Credit 200.00 550.44 350.44 2,154.72 1,804.28 8/29/2022 8/30/2022 Invoice Debit 8/1/2022 Beginning Balance Credit Debit Credit 300.12 8/9/2022 8/15/2022 8/17/2022 8/23/2022 4326 4328 380.99 4,000.00 681.11 4,681.11 4318 4333 4335 300.12 4,380.99 150.00 2,000.00 4,530.99 6,530.99 4328 4,000.00 2,530.99 8/31/2022 Ending Bala 4,300.12 6,530.99 2,530.99 8/30/2022 4336 350.41 6,332.18 8/30/2022 4328 4,000.00 2,332.18 8/31/2022 Ending Balance 6,382.78 6,639.41 2,332.18
1. Analyze the state of the company's current financial controls. A. Use Posey's Pet Emporium Accounts Payable Policies and Procedures and Accounts Payable Ledgers and Journals found in the Supporting Materials section. B. Include any internal or external controls found in the guide. 2. Identify inconsistencies and anomalies in controls. Include the following details in your response: A. Identify any discrepancies in the controls. B. Identify numbers that appear irregular (red flags). 3. Identify risks for potential fraud, stealing, or information exposure by reviewing the general ledger/journal numbers. Consider the following in your response: A. Determine whether established security procedures are being followed. B. Examine roles and access to data. C. Determine if approval paths meet the level of security for the task. 4. Explain the need for risk mitigation based on the scenario. Include the following details in your response: A. Identify inconsistencies or anomalies that require risk mitigation. 5. Summarize your findings based on your analysis. Include the following details in your response: A. Identify any inconsistencies or anomalies present. B. Explain the risks discovered.
Transcribed Image Text:1. Analyze the state of the company's current financial controls. A. Use Posey's Pet Emporium Accounts Payable Policies and Procedures and Accounts Payable Ledgers and Journals found in the Supporting Materials section. B. Include any internal or external controls found in the guide. 2. Identify inconsistencies and anomalies in controls. Include the following details in your response: A. Identify any discrepancies in the controls. B. Identify numbers that appear irregular (red flags). 3. Identify risks for potential fraud, stealing, or information exposure by reviewing the general ledger/journal numbers. Consider the following in your response: A. Determine whether established security procedures are being followed. B. Examine roles and access to data. C. Determine if approval paths meet the level of security for the task. 4. Explain the need for risk mitigation based on the scenario. Include the following details in your response: A. Identify inconsistencies or anomalies that require risk mitigation. 5. Summarize your findings based on your analysis. Include the following details in your response: A. Identify any inconsistencies or anomalies present. B. Explain the risks discovered.
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