systems - used to collect qualitative as well as quantitative information for decision making within organizations Decision support systems - help the developers of an AIS identify what information they need for their planning‚ decision making‚ and control functions How is a flowchart used? A document flowchart traces the physical flow of documents through an organization—that is‚ the flow of documents from the departments‚ groups‚ or individuals who first created them to their final destinations
Premium Internal control Auditing Financial audit
University of San Jose-Recoletos AUDITING THEORY 1. Which of the following is not a basic element of an audit report? a. Title of the report. c. Client’s address. b. Introductory paragraph. d. Auditor’s address. 2. A measure of uniformity in the form and content of the auditor’s report is desirable because a. it helps the auditors avoid legal liability. b. it helps the readers understand the report. c. it helps the auditor identify the usual circumstances that are expected to
Free Auditor's report Auditing Internal control
ABCD 1234 AND COMPANY WLL Corporate Office | To: Head – Procurement & StoresCC: | From : Head – Internal Audit | Report No | Date : | * Subject: Audit Report on Operations of ABCD 1234 AND COMPANY WLL. We have done general operations audit of ABCD 1234 AND company WLL from 1.11.2012 to 20.11.2012 and submitting the draft audit report below.. Executive Summary: * There is no ABC analysis of the suppliers have been done by the company ( Refer finding # 1). The Purchasing Department
Premium Risk management Auditing Audit
Q1 (a) Highlight four control objectives that would be essential in a sales cycle (b) Outline three tests of control that should be performed by an auditor in each of the following areas: i. Cash receipts ii. Cash payments iii. Bank reconciliations (c) Summarize seven sources of internal control risks that have an impact on the financial reporting framework in an organization. Q2 (a) Outline four audit procedures you would carry out to verify the following items: i. Leased property
Premium Audit Internal control Auditing
REPORT SUMMARY CHAPTER 1: DEFINITION Internal Control is a process‚ effected by an entity’s board of directors‚ management and other personnel‚ designed to provide reasonable assurance regarding the achievement of objectives in the following categories: - Effectiveness and efficiency of operations - Reliability or financial reporting - Compliance with applicable laws and regulations. Internal control is: - A process; Internal control is not one event or circumstance‚ but a
Premium Internal control Internal audit Auditing
Assignment 3: Freescale Semiconductors‚ Inc. Desislava Tabakova Advanced Auditing Additional laws and harsher penalties can eliminate crimes if the criminal feels that there is a direct relationship between punishment and crime. According to the deterrence theory of crime if there is certainty of punishment‚ additional laws and harsher penalties will reduce financial fraud or even mitigate it. Additional laws can make punishments more severe and harsher penalties can increase the intensity of punishments
Premium Internal control Audit
CHAPTER 17 COMPLETING THE AUDIT ENGAGEMENT Answers to Review Questions 17-1 A contingent liability is defined as an existing condition‚ situation‚ or set of circumstances involving uncertainty as to possible loss to an entity that ultimately will be resolved when some future event occurs or fails to occur. FASB ASC Topic 450‚ “Contingencies‚” classifies uncertainties into three categories: 1. Probable: The future event is likely to occur. 2. Reasonably possible: The chance of the future
Premium Auditing Financial statements Balance sheet
Solutions to suggested cases WARNING: Good studying practice suggests that you attempt the problems before looking at the solutions. You learn and retain more from making mistakes than merely referring to pro forma solutions Problem 1-16 1-16. Instructors might want to mention that this problem asks students to consider the accounting information needs of a subset of not-for-profit organizations‚ and to note that the accounting data required by them often does not differ much from for-profit
Premium Internal control Accounting software
Principle of audit and control (43010) Professor Ben Hoffman February 23‚ 2015 TO: Charles ward‚ CPA Partner FROM: Jiawei Qi DATE: February 23‚ 2016 SUBJECT: Assess control risk and plan tests of controls and substantive tests of transactions Introduction: The purpose of the memo is to communicate to you the outcome of the company’s control risk‚ the test of controls and substantive tests of transactions. General procedure: First‚ we assess the level of control in Oceanview Marine
Premium Auditing Internal audit Internal control
UNIT 8 SALES : FORECASTING‚ BUDGET AND CONTROL Structure 8.0 8.1 8.2 8.3 8.4 Objectives Introduction Sales Forecasting Sales Quotas 8.3.1 How Quotas Are Set? 8.3.2 Attributes of A Good Sales Quota Plan Sales Budgeting 8.4.1 8.4.2 8.4.3 8.4.4 8.4.5 Purpose Methods Preparation Implementation and Feedback Mechanism Flexibility 8.5 8.6 Sales Control Methods of Sales Control 8.6.1 Sales Analysis 8.6.2 Marketing Cost Analysis 8.6.3 Sales Management Audit 8.7 8.8 8.9 Let Us Sum Up Key
Premium Marketing Sales