Original Work please INTEGRATED CASE APPLICATION –PINNACLE MANUFACTURING: PART II 9-37 (Objectives 9-7‚ 9-8) In Part I of the case‚ you performed preliminary analytical procedures for Pinnacle (pp. 245–247). The purpose of Part II is to identify factors influencing risks and the relationship of risks to audit evidence. During the planning phase of the audit‚ you met with Pinnacle’s management team and performed other planning activities. You encounter the following situations that you believe
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000‚000 (Virtual Organization‚ 2014).” System Name Brief Description Department to Use the System Purpose of the System Connects With Development Details Finance & Accounting Systems Application is licensed on an annual per user basis from a vendor specializing in F & A systems for the transportation industry Finance and Accounting Systems General ledger Accounts Payable Accounts Receivable Cash Management Billing/Invoicing Credit/Collections Costing Property Management Assets Taxes Integrated with
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inventory is overstated‚ the cost of goods sold is understated‚ and gross margins and net incomes are overstated. o Crazy Eddie had a close relationship with one of their vendors known as Wren Distributors. Crazy Eddie was Wren’s largest customer‚ accounting for 35% of their revenues. o Crazy Eddie ordered 10% of their total inventory from Wren so Sam Antar asked Wren to ship $3 million to $4 million in merchandise before year end‚ but to hold billing until after the auditors completed the year-end
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effected by an entity’s board of directors‚ management and other personnel‚ designed to provide reasonable assurance regarding the achievement of objectives relating to operations reporting and compliance. Internal control system as defined in an “Accounting” and “Auditing” is a process for assuring achievement of an organization’s objectives in operational effectiveness efficiency reliable financial reporting and compliance with law regulations and policies. A broad concept internal control involves
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INDUSTRIAL TRAINING REPORT 1.0 INTRODUCTION. As a part of requirement of Bachelor in Accountancy Programme‚ an internship training programme for six months is mandatory for every student in 7th semester. Therefore‚ it is necessary for me to complete my internship session in any company which offers relevant job scope and experience to my area and specialization. Previously‚ I had experienced working in an audit firm and now‚ I chose to be working in industrial
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development. Education and Training Nov 2011 – Present : Zenith Business Academy ‚ majoring in advance diploma of accounting. Learning account receivable‚ account payable‚ balance sheet‚ MYOB(entering‚ recording‚ reconciling and reporting transaction) Trial Balance‚ entering financial and accounting data into the system‚ Budgeting analysis‚ internal control and management accounting‚ risk management. Jun 2008 – Jul 2011 : Kristen Immanuel Vocational High school ‚majoring in Computer Technique
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after graduation. She felt she wasn’t getting paid enough for her work so she started stealing cash from the register and other places from where she worked. The type of fraud she committed was cash fraud. Cash is usually the focal point of many accounting entries. Cash on deposit in banks and petty cash‚ can be stolen through numerous different schemes. The schemes committed are either on-book or off-book‚ depending on the point of occurrence of the fraud scheme. Generally‚ a company focuses on cash
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further enhance my knowledge and to contribute as an individual for the improvement of the company and the economy. Summary of Qualifications Highly organized and detail-focused individual with an exceptional track record of accurately handling accounting‚ cashiering‚ inventory management‚ retail management and operational efficiency. Skilled in all aspects of managing and reconciling accounts and ensuring it’s accuracy and completeness. Expertise in developing and delivering daily and monthly
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Internet retailing 5 Tax preparation and diversified financial services 7 Computer software development 2 Commercial Banking 11 I see fast food restaurant as number 1. High PP&E is because fast food restaurants need to build physical stores national wide. The food is cheap which result in account receivable is low. Number 2 is computer software development. Because there is no inventory‚ meanwhile computer software development need put lots of effort to R&D. Airline is number 3. Inventory is a small
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Accounts and Classes of transactions in the Acquisition and Payment Cycle. The objective is to evaluate whether the accounts affected by acquisitions of goods and services and cash disbursement for those that are fairly presented in accordance with accounting standards. There are 3 classes of transactions included in the cycle: 1. Acquisitions of goods and services 2. Cash disbursements 3. Purchase returns and allowances and discounts There are 10 accounts involved in the acquisition and payment cycle
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