141115# India Customer ID 1021812550 Account Number 1021812577 Invoice Number Previous Balance 825.07 + 826.00 Payment Details Description Payments CENTRAL GOVERNMENT Phone Number Adjustments 26/02/2014 Customer Type Last Payment 01/01/2014 to 31/01/2014 Due Date Account Summary 05/02/2014 Invoice Period LoyaltyPoints 0 Deposit 1300.00 10218125770008 Invoice Date 01628-250831 Account Balance Current Charges + 0.00 Date
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that municipal finances are maintained in an effective‚ up to date and accurate manner Main Activities: Receive and verify invoices and requisitions for goods and services Verify that transactions comply with financial policies and procedures Prepare‚ verify‚ and process invoices and coding payment documents Prepare batches of invoices for data entry Data enter invoices for payment Process backup reports after data entry Manage the weekly cheque run Record all cheques Prepare vendor cheques
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supporting sales invoice. Select a sample of sales invoices and examine for evidence that the company compared details to shipping documents‚ purchase orders‚ and sales orders. 4. Is every recorded sale checked against shipping records for appropriateness of revenue recognition? Submit test data where invoice data does not match with underlying shipping information. 5 Are there adequate controls over the accuracy of the sales invoice? Select a sample of sales invoices and examine them
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Cash Cash Accounts Payable Collect C. Source Document - evidence of transaction 1. Sales Invoice - to inform the buyer the total cost of shipment 2. Bill of Loading - issued by the shipping company‚ agreement between the shipping companies. 3. Statement of Account - sent by the seller to the buyer to inform the buyer of the invoices already due. 4. Official Receipt - evidence that the seller have receives payment from the buyer. 5. Deposit Slips - contains name
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ACL audit software‚ and to identify the significance of any findings or audit discrepancies. First‚ we footed the file to the general ledger. Next‚ we checked for duplicate invoices to ensure that we did not account for the account receivable more than once. We then proceeded to create an aging schedule to find unpaid invoices over 45 days. In addition‚ we identified customer balances that were greater than their credit limit of n/45‚ or for which there were no credit limits. This led us to our next
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property‚ cash sales‚ and scrap sales. | N/A | | 3. Is access to sales invoice blanks restricted? | Yes | Is locked up in a closet | 4. Are pre-numbered bills of lading or other shipping documents prepared or completed in the shipping department? | Yes | Completed in the shipping department | Completeness assertion: | 5. Are sales invoice blanks pre-numbered? | Yes | | 6. Is the sequence checked for missing invoices? | N/A | | 7. Is the shipping document numerical sequence checked
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department to sign off on the report‚ indicating that it received the items it requisitioned). When the vendor sends its invoice to accounts payable‚ that department will match that invoice to its copies of the purchase order and the receiving report‚ to make sure that everything on the invoice has in fact been properly ordered and received by company personnel before the invoice is authorized for payment. The purchasing department is a control on the purchase of items to be paid for by the company
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Contents Question one What is an enterprise under Australia legislation? Under section 9-20‚ an enterprise could be done by any activities from any form of entities with or without commercial purposes. In this case‚ Phil and Ina manage the farm to sold wool and supply grapes to winery in considerations‚ is an activities done by entities under GST legislation‚ these activities constitute an enterprise. Do Phil and Ina have to register for GST? What advice
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information from the database by evaluation of its contents and taking corresponding action required from the results of the evaluation. It was stated in the case that the company would like to design a database that will allow them to generate an invoice for each sale‚ a monthly account for each client and a full inventory of raw materials and finished breading‚ which is exactly what the information database will provide them once they start using the system. As discussed in brief at the introductory
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Key Controls | Transaction-Related Audit Objective | Test of Control | Substantive Test of Transaction | 1. Segregation of the purchasing‚ receiving‚ and cash disbursements functions. | Job responsibilities are correctly divided amongst personnel (classification). | Employ different personnel and have sign offs to ensure that no one person is performing multiple functions to prevent any types of fraud. | Trace a purchase order (PO) from fulfillment to initiation to determine if the proper
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