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- Hi, I have an assignment and I was asked to the audit Assume you are the senior accountant on an audit engagement of a fictitious business, Pine Street Company (PSC). Assume the instructor is the engagement partner. You are to prepare a audit program for PSC. The firm manufactures and sells bicycles. The audit program must be in one of the following areas of the business: accounts receivable and revenues; inventories and costs of goods sold; accounts payable; payroll; or property, plant and equipment. Week 2 - Identify the components/sections of a cash audit program for PSC. Date General Journal Debit Credit Merchandise Inventory : $5,900 Account Payable Johns $5,900 Merchandise Inventory $330 Cash $330 Account Payable Johns $900 Merchandise Inventory $900 Account Payable Johns $5,000 Cash $4,900 Merchandise Inventory $100 Merchandise Inventory $ 12,250 Account Payable Johns $12,250 Account Payable Johns $3,250 Merchandise Inventory $3,250 Account…The bookkeeper entered an adjusting entry as DR. Depreciation Expense and CR. Cash. Further investigation indicated that the bookkeeper and the cashier colluded to withdraw $10,000 (the amount of Depreciation Expense) from the company's bank account and forged necessary documents to perpetuate this crime. At the time when this was discovered, the bookkeeper and the cashier already absconded. As the accounting software consultant, what can you recommend to avoid this event from happening again? Group of answer choices Establish pairings of account titles of certain transactions, and unsual pairings of account titles can be labeled as adjusting entries The General Manager should always monitor the entries made by the bookkeeper All of the above None of the aboveYou are auditing a client that supplies electrical products to retail stores and electrical contractors throughout the country.The client keeps its accounts receivable records on a computer system, which is updated at the end of each business day.You plan to audit accounts receivable balance as at the end of the financial year, and you have a generalised audit software (GAS) package available to help in this task.Required:Identify ten (10) substantive audit procedures that you could perform using generalised audit software (GAS) in relation to auditing the accounts receivable account.
- Accounting Information Systems Read carefully the following case:Imagine that you work as an internal auditor for a company that owns several pharmacies throughout the city. Based on your audit plan, the first cycle to audit will be revenue. The first thing you do is document the processes related to receiving and processing the various sources of income. On your initial visit, you were able to observe the following:Once customers have the items to purchase, they head to the register, where a clerk processes the sale. The pharmacy has three cash registers, but does not have an employee who specifically works as a cashier at each one. This provides flexibility in the operation because, of the three employees that the business has, one can collect at any of the cashiers when available. By not having to leave a single person as a cashier, the cashier can focus on providing more direct customer service, refilling merchandise on the shelves, and even assisting in receiving or dispatching…Consider the following independent situations, each of which applies to an audit of a client for the year ending 30th June 2019. XYZ Ltd is a large machinery manufacturer that uses business-to business e-commerce to transmit purchase orders to its many suppliers. Each supplier electronically transmits an invoice, which is credited directly to the accounts payable file. The goods usually take one or two weeks to arrive. Once they have been received, a goods received notes is raised by XYZ and matched with the supplier’s invoice, and payment is authorised. Spiral Ltd’s credit officer, whose prime responsibility was setting and reviewing customers’ credit limits, retired during the year. The position has remained unfilled for six months, as no suitably qualified and experienced replacement has yet not been found. Kent Ltd failed to discover an employee fraud on a timely basis because bank reconciliations were not being done each month. Required: For each of the above situations: What…You are internal auditor inspecting process used by sales representatives of a company selling office supplies to small companies. Before a new customer’s line of credit established, the sales rep must complete an online form that contains questions for which they must gather information from the new customer. The company asks that the sales reps gather this data (there is much more required, these are just the first few fields) as the first part of the data gathered: Company name, address, corporate form (sole proprietor, LLC, LLP, or S Corp), line of credit amount requested, authorized purchaser name and address, shipping address. For each of these fields, What error conditions need to be addressed? (What is an error condition?) For each, what do you recommend as a test/verification method? (You may find some that you believe don’t need a verification process)
- You are an audit supervisor in Misso & Co, an audit firm. Your audit team has been assigned to perform the audit on sales and other income for a client, Dimmy Sdn. Bhd. (Dimmy). You are given four audit trainees to assist you in completing the audit on cash and bank. In addition, you are also required to audit on the receivables account of Dimmy.(a) Explain ANY FIVE (5) types of procedures that an auditor can perform to obtain audit evidence and provide an example for each type of procedure.You have worked with Zaird & Associates, CPAs, for a little more than a year and are beginning your second audit of Universal Air (UA). This year you even have an assistant reporting to you—Jane McClain. Jane has come to you with a concern. She noticed that when sales are “booked” over the Internet by credit charge, an entry is made debiting cash (from the credit card) and crediting air traffic liability. When the scheduled flight occurs, UA recognizes the revenue from the ticket. If a ticket is canceled on the Internet, the only entry made is to a database that maintains specific flight information on seat availability. Jane has discovered that customers are e-mailed a “Canceled Reservation” form when this occurs, but no accounting journal entry is recorded, and no refund occurs until the customer requests (in writing) a refund. If the customer never requests the refund, a credit to the individual’s credit card account is never issued; when they do not get refunds on their credit…You have worked with Zaird & Associates, CPAs, for a little more than a year and are beginning your second audit of Universal Air (UA). This year you even have an assistant reporting to you—Jane McClain. Jane has come to you with a concern. She noticed that when sales are “booked” over the Internet by credit charge, an entry is made debiting cash (from the credit card) and crediting air traffic liability. When the scheduled flight occurs, UA recognizes the revenue from the ticket. If a ticket is canceled on the Internet, the only entry made is to a database that maintains specific flight information on seat availability. Jane has discovered that customers are e-mailed a “Canceled Reservation” form when this occurs, but no accounting journal entry is recorded, and no refund occurs until the customer requests (in writing) a refund. If the customer never requests the refund, a credit to the individual’s credit card account is never issued; when they do not get refunds on their credit…
- Assume you are the senior accountant on an audit engagement of a fictitious business, Pine Street Company (PSC). Assume the instructor is the engagement partner. You are to prepare an audit program for PSC. The firm manufactures and sells bicycles. The audit program must be in one of the following areas of the business: accounts receivable and revenues; inventories and costs of goods sold; accounts payable; payroll; or property, plant and equipment. Assume you are applying for an accounting position at PSC. The controller asks you to prepare the journal entries to record the following transactions for retail store operations of PSC. Assume a perpetual inventory system. April 2 Purchased merchandise from Johns Company under the following terms: $5,900 price, invoice dated April 2Explain credit terms of 2/15/, n/60, and FOB shipping point in a sentence or two. April 3 Paid $330 for shipping charges on April 2 purchases. April 4 Returned to Johns Company unacceptable merchandise that…You have accepted the engagement of auditing the financial statements of the C. Reis Company, a small manufacturing firm that has been your client for several years. Because you were busy writing the report for another engagement, you sent a staff accountant to begin the audit with the suggestion that she start with accounts receivable. Using the prior year’s audit documentation as a guide, she prepared a trial balance of the accounts, aged them, prepared and mailed positive confirmation requests, examined underlying support for charges and credits, and performed other work she considered necessary to obtain evidence about the validity and collectability of the receivables. At the conclusion of her work, you reviewed the audit documentation she prepared and found she had carefully followed the prior year’s audit documentation.Required:The opinion rendered by auditors states that the audit was made in accordance with generally accepted auditing standards. Identify the important…You are assigned to do the audit the work for Howard Ltd for the calendar year 2019, you found some issues that you believe represent possible adjustments to the company’s books. In addition, there are other issues that need to be addressed. The matters include: Several credit memos that were processed and recorded after year-end relate to sales and account receivables for 2019. These total $42 000. Electricity and other utilities’ invoices received after the cut-off date $30,000 Inventory cut-off tests indicate that $35 000 of inventory received on 30 December 2019 was recorded as purchases and accounts payable in 2020. These items were included in the inventory count at year-end and were therefore included in ending inventory. On 15 December 2019, Howard Ltd declared a bonus issue of 2 000 shares with a par value of $100 000 of its ordinary shares, payable 25 January 2020 to the ordinary shareholders on record as in 30 December 2019. Howard Ltd has not established a reserve for…