Learning Activity 1 For each of the following controls, determine whether the control leaves an audit trail and identify a relevant audit procedure to test the control. Explain your answers. All mail is opened and cash is prelisted daily by the president's assistant who has no other responsibility for handling assets or recording accounting data. b. Vendor's invoices are approved by the controller after he examines the purchase order and receiving report attached to each invoice. а. As employees check in daily by using time clocks, a supervisor observes to make certain that no employee "punches in" more than one time card. С.
Learning Activity 1 For each of the following controls, determine whether the control leaves an audit trail and identify a relevant audit procedure to test the control. Explain your answers. All mail is opened and cash is prelisted daily by the president's assistant who has no other responsibility for handling assets or recording accounting data. b. Vendor's invoices are approved by the controller after he examines the purchase order and receiving report attached to each invoice. а. As employees check in daily by using time clocks, a supervisor observes to make certain that no employee "punches in" more than one time card. С.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For B only please.
Transcribed Image Text:Learning Activity 1
For each of the following controls, determine whether the control leaves an audit
trail and identify a relevant audit procedure to test the control. Explain your
answers.
All mail is opened and cash is prelisted daily by the president's assistant who
has no other responsibility for handling assets or recording accounting data.
b. Vendor's invoices are approved by the controller after he examines the
purchase order and receiving report attached to each invoice.
а.
As employees check in daily by using time clocks, a supervisor observes to
make certain that no employee "punches in" more than one time card.
С.
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