ICC-1 Apollo Shoes‚ Inc. Internal Control Questionnaire Sales Transaction Processing December 31‚ 2007 Objectives and Questions Yes‚ No‚ N/A Comments Environment: 1. Is the credit department independent of the sales department? Yes. Credit manager in Treasurer’s office 2. Are sales of the following types controlled by the same procedures described below? Sales to employees‚ COD sales‚ disposals of property‚ cash sales and scrap sales. No available information‚ apparently not applicable
Premium Invoice Accounts receivable Accounts payable
Revenue Cycle and Control Activities The revenue cycle for many companies is considered the primary source to earn revenue from the sale of goods or service. Good controls must be established to maintain the effectiveness of receivables and credit sales‚ not doing so can harm the company and might be costly to the business. Six classes of internal controls guides us in evaluating and designing transaction processing. They are authorization‚ supervision‚ segregation of duties‚ access control‚ independent
Premium Accounts receivable General ledger Inventory
Upon the completion of auditing the financial records of Apollo Shoes‚ Inc. it has been confirmed that there has been sufficient evidence obtained to support the audit opinion. There is a concern pertaining to the results of last year’s audit‚ because the audit was conducted last year by Smith and Smith CPA’s and VP of finance Mr. Unum has requested that we do not contact Smith and Smith. After careful review it has been determined that the issuance of an unqualified audit report would be appropriate
Free Auditor's report Audit Auditing
Apollo denied our request to speak with the predecessor auditors because of “litigation concerns.” I’ve looked at the 8-K filed by Apollo and the auditors referenced in the 10-K. I didn’t attach a copy because it didn’t say much‚ just something about “incongruent goals‚” blah‚ blah‚ blah. Against my advice‚ Arnold decided to accept the engagement anyway. Keep your eyes open! The good news is that the predecessor auditors‚ Smith and Smith‚ CPAs‚ have a good reputation‚ so you can use last
Premium Auditing Financial audit Audit
GA-3 Prepared K.E;M.B.(1/13/2012) Apollo Shoes‚ Inc. Relevant Matters Based on Minutes (December 31‚ 2011) Information Relevant to 2010 Audit 1. Remarks by Apollo Shoes Inc. CEO Larry Lancaster in regards to the 10% projected increase in sales for the 2011fiscal year. (“Well they better increase by that much or heads will roll.”) GA-3.1 2. Majority vote by members of the board to internalize
Premium Board of directors Corporate governance
Chapter 4 The Revenue Cycle Objectives for Chapter 4 • Tasks performed in the revenue cycle‚ regardless of the technology used • The functional departments involved in revenue cycle activities and the flow of revenue transactions through the organization • The documents‚ journals‚ and accounts that provide audit trails‚ promote the maintenance of records‚ support decision making‚ and sustain financial reporting • Risks associated with the revenue cycle and the controls that reduce these risks
Premium Invoice Accounts receivable Inventory
The Accounting Cycle Five Cycles of Accounting The accounting cycle consists of five components: revenue‚ expenditures‚ financing‚ conversion‚ and fixed assets (Bagranoff‚ Simkin‚ & Strand‚ 2008). There are many business activities within a company that will take place in each of these cycles. The revenue cycle incorporates sales and cash receipts. Expenditures are the decrease in cash assets to acquire goods or services necessary to operate. The conversion cycle is a continual process that
Premium Balance sheet Asset
3. The Revenue Cycle The revenue cycle is a set of four business activities: Sales order entry‚ shipping‚ billing and cash collections. To each of these activities there are related administrative organisational activities. It is all associated with providing the goods and services of a company to their customers and collecting the payments for these sales. Information about the revenue cycle activities also flows to the other accounting cycles which are: the expenditure cycle‚ the production
Premium Balance sheet Generally Accepted Accounting Principles Asset
Revenue Cycle Education Improvement Strategies Presented by: Colleen Malmgren‚ MS‚ RHIA Fairview Health Services cmalmgrl @fairview.org Definition of Revenue Cycle All administrative and clinical functions that contribute to the capture‚ management and collection of patient service revenue *HFMA Scheduling/Registration Health Info Mgmt Case Management Pt Financial Srvcs Charge Capture Revenue Audit Chargemaster Establish Performance Indicators Establish measures that go beyond Accounts receivable
Premium Revenue Medicare and Medicaid
TEST OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe
Premium Invoice Accounts receivable General ledger