Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities There are many irregularities that can arise within the different accounting departments at Apollo Shoes. An audit program will be designed according to the three cycles that will be outlined below. The first cycle that will be discussed is cash‚ then accounts payable and finally the payroll function. These cycles will be evaluated for substantive procedures for Apollo Shoes
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Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities Apollo Shoes has recognized that there is a risk of loss due to irregularities in cash outflows‚ accounts payable‚ and payroll. Substantive procedures for cash outflows‚ accounts payable‚ and payroll are needed to detect irregularities in each of these. Failure to implement appropriate procedures will lead to loss irregularities. Substantive Procedures to Evaluate Cash Irregularities
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How to Calculate Cash Flow 172‚955 views 7 Editors Edited 3 days ago One Methods:Calculating Cash Flow Cash flow is the incoming and outgoing stream of money in a business. If you’re starting your own company or doing a job in accounting or finance‚ you can get an idea how to calculate cash flow by understanding these methods. Cash flows are divided into three categories: operational‚ financing‚ and investment. Calculating Cash Flow 1. 1 Figure out the net cash flow from operating activities. This
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Substantive Procedures - Asset Irregularities ACC/556 November 24‚ 2014 Introduction This next phase of the auditing process for Apollo Shoes Inc. (Apollo) is the designing of an audit program‚ which will detail substantive procedures for detecting irregularities in the accounts receivable‚ inventory‚ and fixed assets audit cycles. Fixed Assets Apollo’s irregularities in fixed assets‚ has caused concern for substantive procedures to be designed to audit this cycle. The most common schemes where
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Substantive Procedures for Asset Irregularities Student Name ACC 556 September 17‚ 2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable‚ inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable‚ the sales and billing processes are an area that would require
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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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Policy and Procedures for CASH DISBURSEMENTS Cash Disbursements‚ via the University of Maryland College Park Foundation‚ are requested by the specific account holder in various schools and departments at College Park. Please use the Disbursement Request Form in Appendix H. Control Objectives: To ensure that cash is disbursed only upon proper authorization supported by the appropriate documentation‚ is for valid business purposes‚ and is properly recorded‚ all disbursements must: •
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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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Payroll plays a major role in a company for several reasons. From an accounting point of view‚ payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies‚ and they are subject to laws and regulations. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions‚ and to ensure the withholdings and deductions are remitted in a timely manner. Because of the self-policing
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Accounting Irregularities at Groupon Introduction In September 23 2011‚ Groupon (the Company)‚ a rapidly growing online coupon merchant was forced by the SEC to file a restated S-1 registration statement. The reason for the restatement was that the SEC objected to the accounting methods that Groupon used in the calculation of its revenue‚ causing it to be overstated. According to Villanova University (2012)‚ Groupon’s auditors at Ernst & Young stated that Groupon was not setting aside sufficient
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