AUDIT PROGRAM DESIGN PART II Sales and Collection Cycle The objective in the audit of the sales and collection cycle is to evaluate whether the account balance affected by the cycle are fairly presented in accordance with accounting standards. There are five classes of transactions in the sales and collection cycle. • Sales • Cash Receipts • Sales returns and allowances • Write-off of uncollectible accounts • Estimate of bad debt expense (Arens‚ 2012‚ p.442) The Key control
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PAYROLL AND PERSONNEL CYCLE CHART Journals needed for this cycle is the payroll journal and the general journal. In this cycle‚ transactions such as payroll taxes are checked to make sure they are deducted and remitted to the appropriate agency‚ and that payroll is accrued. The payroll and personnel cycle begins with the hiring of personnel and ends with payment to the employees for the services performed and to the government and other institutions for the withheld and accrued payroll taxes and
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Audit Program Design Part II ACC/546 May 2‚ 2011 Audit Program Design Part II The audit of Apollo Shoes‚ Inc. requires a design of steps to develop audit objectives to plan the audit. The financial statements are divided into cycles to better manage the audit and disperse to staff within the firm. The following cycle’s sales and collection‚ payroll and personnel and acquisition and payment were developed to design test of controls‚ substantive tests of transactions and analytical procedures
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Audit Program Design Part II Kendrick Cross‚ Teresita Gunn‚ Geri Franco‚ Heather Swayze ACC/546 July 08‚ 2013 Joseph Oloyede Sales and Collection Cycle When engaged in auditing a public firm‚ such as Apollo Shoe Inc.‚ an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather
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Auditing Program Design Part II The purpose of this part of the audit process for Apollo Shoes is to design tests of controls‚ substantive tests of transactions‚ and analytical procedures for the sales‚ collection‚ payroll‚ personnel‚ acquisition‚ and payment cycles. These test and procedures are with intent to attest operating effectiveness of internal controls of Apollo Shoes on the basis of documentation provided. It is with the understanding that with the performing of test and procedures an
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Audit Program Design Part III AUDIT PROGRAM DESIGN PART III Inventory and Warehousing Cycle The audit of the inventory and warehousing cycle is designed to test inventory counts‚ processes‚ and operations. The classes of transactions in this cycle include sales‚ value of inventory‚ cost of goods sold‚ sales returns and allowances‚ and estimates of allowance for slow moving inventory. Tests of Controls and Substantive Tests of Transactions Table WK6-1 displays the interrelationships of
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nd nd 2 INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC RESEARCH (2 ICBER 2011) PROCEEDING GENERATION Y AND CHOICE OF MOBILE SERVICE PROVIDER: A STUDY ON THEIR PURCHASING DECISIONS IN CHOOSING A MOBILE SERVICE PROVIDER. Evelyn Toh Bee Hwa Taylor’s University Taylor’s Business School. toh.evelyn@taylors.edu.my Eva Lim Wei Lee UCSI University. evalim@ucsi.edu.my Robin Cheng Taylor’s University Taylor’s Business School. Robin.cheng@taylors.edu.my ABSTRACT The biggest group
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6: Session 6: Audit Evidence‚ Internal Control and Audit testing. • Internal Controls Systems Over The Payroll Cycle • Internal Control Checklists For The Payroll Cycle • Tests Of Control Of Payroll • Internal Controls Systems Over The Stock Cycle • Internal Control Checklists For The Stock Cycle • Tests Of Control Of Stock INTERNAL CONTROLS OVER PAYROLL To understand the need for controls‚ it is helpful to break down the payroll process into its
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Audit Program Design Part III for Apollo Shoes Crystal Spencer ACC/546 September 24‚ 2012 Deborah Fitzgerald Thomas Sloan and Spencer Auditing Firm during phase III of Apollo Shoes audit plan‚ we will focus in two key cycles‚ which are the following: inventory and warehouse cycle and cash cycle. It is important to understand that are six types of transactions in the inventory and warehouse cycles which are: receive raw materials‚ store raw
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System Design Project – Part II Menue J. Fang University of Phoenix October 22‚ 2012 Abstract The current environment‚ for Riordan ’s departments‚ is requiring increased labor in order to process information. The slow consolidation of the operational processes of two divisions with different operation software has become a financial threat to Riordan Manufacturing. Each of the divisions lacks modern technology that is needed to run a highly efficient corporation. Therefore
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