Select Effective Extended Procedures. The following are some “suspicions”; you have been requested to select some effective extended procedures designed to confirm or deny the suspicions.Required:Write the suggested procedures for each case in definite terms so another person can know what to do.a. The custodian of the petty cash fund may be removing cash on Friday afternoon to pay for weekend activities.b. A manager noticed that eight new vendors were added to the purchasing department’s approved vendor list after the assistant purchasing agent was promoted to chief agent three weeks ago. She suspects all or some of them might be fictitious companies set up by the new chief purchasing agent.c. The payroll supervisor may be stealing unclaimed paychecks of employees who resigned and did not collect their last check.d. Although no customers have complained, cash collections on accounts receivable have decreased, and the counter clerks may have stolen customers’ payments.e. The cashier may have “borrowed” cash receipts, covering this by holding each day’s deposit until cash from the next day(s) collection is enough to make up the shortage from an earlier day and then sending the deposit to the bank.
Select Effective Extended Procedures. The following are some “suspicions”; you have been requested to select some effective extended procedures designed to confirm or deny the suspicions.Required:Write the suggested procedures for each case in definite terms so another person can know what to do.a. The custodian of the petty cash fund may be removing cash on Friday afternoon to pay for weekend activities.b. A manager noticed that eight new vendors were added to the purchasing department’s approved vendor list after the assistant purchasing agent was promoted to chief agent three weeks ago. She suspects all or some of them might be fictitious companies set up by the new chief purchasing agent.c. The payroll supervisor may be stealing unclaimed paychecks of employees who resigned and did not collect their last check.d. Although no customers have complained, cash collections on accounts receivable have decreased, and the counter clerks may have stolen customers’ payments.e. The cashier may have “borrowed” cash receipts, covering this by holding each day’s deposit until cash from the next day(s) collection is enough to make up the shortage from an earlier day and then sending the deposit to the bank.
Select Effective Extended Procedures. The following are some “suspicions”; you have been requested to select some effective extended procedures designed to confirm or deny the suspicions.Required:Write the suggested procedures for each case in definite terms so another person can know what to do.a. The custodian of the petty cash fund may be removing cash on Friday afternoon to pay for weekend activities.b. A manager noticed that eight new vendors were added to the purchasing department’s approved vendor list after the assistant purchasing agent was promoted to chief agent three weeks ago. She suspects all or some of them might be fictitious companies set up by the new chief purchasing agent.c. The payroll supervisor may be stealing unclaimed paychecks of employees who resigned and did not collect their last check.d. Although no customers have complained, cash collections on accounts receivable have decreased, and the counter clerks may have stolen customers’ payments.e. The cashier may have “borrowed” cash receipts, covering this by holding each day’s deposit until cash from the next day(s) collection is enough to make up the shortage from an earlier day and then sending the deposit to the bank.
Select Effective Extended Procedures. The following are some “suspicions”; you have been requested to select some effective extended procedures designed to confirm or deny the suspicions. Required: Write the suggested procedures for each case in definite terms so another person can know what to do. a. The custodian of the petty cash fund may be removing cash on Friday afternoon to pay for weekend activities. b. A manager noticed that eight new vendors were added to the purchasing department’s approved vendor list after the assistant purchasing agent was promoted to chief agent three weeks ago. She suspects all or some of them might be fictitious companies set up by the new chief purchasing agent. c. The payroll supervisor may be stealing unclaimed paychecks of employees who resigned and did not collect their last check. d. Although no customers have complained, cash collections on accounts receivable have decreased, and the counter clerks may have stolen customers’ payments. e. The cashier may have “borrowed” cash receipts, covering this by holding each day’s deposit until cash from the next day(s) collection is enough to make up the shortage from an earlier day and then sending the deposit to the bank.
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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