check number is included more than once and voided checks are accounted for (completeness and occurrence). 5. To determine that the proper amount of cash disbursements are recorded during the test month. Checks are not recorded more than once and checks are not omitted (accuracy‚ occurrence and completeness). 6. To determine that all receiving reports were eventually entered into the system a liabilities (completeness). To determine that acquisitions were recorded at the proper amounts
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Allen Stanford was‚ at one point‚ a successful entrepreneur whose investment company’s accounts totaled in the billions. The aforementioned keyword is ‘was.’ As CEO of Stanford Financial Group‚ Stanford essentially ran a massive Ponzi scheme; he issued certificates of deposit at an offshore bank that he controlled and illegally used the investors’ funds. These CD’s were appealing to investors due to their high returns of nearly twice the average rate of return of investments in U.S. banks. Investors
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ACCT90030 Information Processes & Control Faculty of Business and Economics Department of Accounting Seminar 5 exercise – Sales phase control assessment‚ sample solution Examine the supplied flowchart‚ and partially complete control analysis framework for processing sales orders at AB Hi-Fi. Your task is to: 1) Complete Steps 1 to 4 of the control analysis 2) Prepare a single PowerPoint slide that recommends one change you would make to the process (explain or illustrate the change) and
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To: Ted Katz‚ Partner‚ Kartz & Sargood LLP From: CA/CGA/CMA (External Auditor) Re: Bulletproof Greens (GREENS) 2014 Audit planning memo Audit Planning Memo Risk of Material Misstatement The risk of material misstatement is higher because: The deadline for the audit planning memo is due in a week. Furthermore‚ all year-end information will be ready by March 15‚2015 which means for now we will be auditing without complete information on GREENS. With three warehouses at separate places‚ GREEN’s operation
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Lesson 6: Audit of Sales and Receivables Cycle Note 1: Introduction * Recording of sales transactions and collection of cash * Accounts used: sales‚ a/r‚ bad debt expense‚ ADA‚ cash * Documents used: customer order‚ sales order‚ shipping document‚ sales invoice‚ sales journal‚ remittance advice‚ bank deposit list‚ cash receipts jornal‚ credit memo‚ sales return and allowance journal‚ uncollectable account authorization form‚ a/r master file‚ a/r trail balance‚ monthly statement Note
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“Sarcophagus of Kamwese Called for Short Kami” A Sarcophagus is stone coffin‚ which held the bodies‚ or remaining’s of the royals that have died in Ancient Egypt. Many scholars believed that its limestone feature had the properties to dissolve the body quicker. The Sarcophagus in Ancient Egypt during the 3rd Dynasty was known as the “flesh
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from which priorities are developed which can be used in ranking the alternatives. Criteria used in the AHP based approach to data quality assessment in banking are 1)Accuracy; 2)Completeness; 3)Consistency; 4) Timeliness; 5)Uniqueness; and 6)Validity. These criteria also have further subcriteria‚ for example under Completeness‚ sub criteria include Account Information‚ Customer information‚ Data Records and Interface files while a subcriteria under Accuracy is Business Indicator Range. All these variables
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Symbolism of Life and Death in "The Masque of the Red Death" One characteristic of a romantic piece of literature is the use of symbolism the authors use in their works. In Edgar Allan Poe’s short story "The Masque of the Red Death‚" symbolism is used and seen many times. Some things in the story‚ when taken at face value‚ seem peculiar and confusing‚ such as the different colored rooms in the hallway‚ the purpose of the giant ebony clock‚ and the reasoning behind the guests’ way of hiding their
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development (valuation) vi) New information system Risk of losing data in changeover. Also‚ staff will not be familiar with the new system‚ therefore susceptible to more errors Any significant account when changing over to the new system. Completeness due to loss of data; occurrence due to double inputting; accuracy due to human error. ANSWER Internal control
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Classes of Assertions: Classes of Transactions and Events for the Period Occurrence: transactions that have been recorded have occurred Completeness: All transactions and events that should have been recorded have been recorded Authorization: All transactions and events have been properly authorized Accuracy: Amounts have been recorded properly Cutoff: Transactions and events have been recorded in the correct accounting period Classification: transactions and events have
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