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
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Audit Procedures Audit Objectives W/P Ref. Initials Comments Accounts Receivable 1. Obtain an aged trial balance of individual customer accounts. Recalculate the total and trace to the general ledger control account. 2. Review the aging for large and unusual items. 3. Send confirmations to all accounts over $X. Select a random sample of all remaining accounts for confirmation. a.i.1.a.i.1.a. Investigate exceptions reported by customers. a.i.1.a.i.1.b. Perform alternative procedures on accounts
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ICC-Memo Apollo Date 10/14/12 Initials While working on some of the sales transactions 51 deviations were discovered. The majority 31 out of 51 were missing credit approval notations. Also 10 of these are still unpaid. This could indicate weak controls in the credit department which could leave the company with
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our understanding of the arrangement for our audit of the financial statements of Apollo Shoes‚ Inc. for the year ending December 31‚ 2011. We will audit the Company’s balance sheet at December 31‚ 2033‚ and the related statements of income‚ comprehensive income‚ stockholders’ equity‚ and cash flows for the year then ended‚ for the purpose of expressing an opinion on them. We will also audit whether Apollo Shoes‚ Inc. maintained effective internal control over financial reporting as of December
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that make up the four classifications of law. 1. Substantive of laws vs. Procedures of laws- Substantive of law is the substance that makes up a law. It is the meaning of a law that explains what you can and cannot do. For example the law states that you cannot murder another human being unless it was in self defense‚ you were under duress‚ or if you were drugged by another person. Unlike substantive of law‚ Procedures of laws are just the steps that must take place when
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University of Phoenix December 10‚ 2012 Introduction Letter / Apollo Shoes From: Phoenix & Company PLLC (Certified Public Accountants) To : The Board of Director of Apollo Shores First I would like to thank the board of director of Apollo Shores for their recent inquiry about Phoenix & Company’s services. Since our firm is small‚ we offer a wide range of personalized services to clients at a reasonable cost. Phoenix & Company is a CPA firm with more the 25 years in the
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J. of Acc. Ed. 29 (2011) 142–152 Contents lists available at SciVerse ScienceDirect J. of Acc. Ed. journal homepage: www.elsevier.com/locate/jaccedu Teaching and Educational note An approach to detecting plagiarism in spreadsheet assignments: A digital answer to digital cheating Anil Singh a‚⇑‚ George Mangalaraj b‚ Aakash Taneja c a b c School of Business‚ University of Texas at Brownsville‚ 80 Fort Brown‚ Brownsville‚ TX 78520‚ United States College of Business and Technology
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Payroll Kudler Fine Foods uses a biometric time system which requires the usage of time clocks to monitor the time employees engaged in work responsibilities. The method requires the use of a finger touch pad to identify the numerous time punches made by the employee. The employees information is entered upon hired into the company’s payroll system. Based on the numerous time punches made‚ the organization evaluates the employees work hours and computes the employees salary. The computation for
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assets. Your memo contained excellent conclusions‚ including inconsistencies in the useful life of real property‚ computer equipment‚ and production equipment. You noted inconsistencies in depreciation method for various asset categories based on Apollo Shoes accounting guidelines. Regarding R&D cost related to certain patents that had been capitalized‚ I agree with your conclusion that the patents should be expensed. You also had valid conclusions in your prepaid assets and other assets workpapers
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Substantive law is law that defines rights and duties‚ such as crimes and punishments‚ civil rights and responsibilities in civil law. An example of substantive law is the law of murder: intentionally killing another person. Substantive law basically answers the question: What is the law? Procedural law is the law governing the machinery of the courts and the ways by which both the state and the individual enforce their rights in the courts. Procedural law is more like when a person can be arrested
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