INVENTORY CONTROL POLICIES AND PROCEDURES PROPERTY CONTROL SYSTEM Departmental Issue Revised by: Lin Murray Inventory Control Coordinator April 2008 Table of Contents Introduction System Benefits Equipment Responsibilities Equipment Inventory Control Coordinator Academic and Administrative Departments Non-Utilized Equipment Storage/Surplus Acquisition of Non-Utilized Equipment Surplus Property/E-mail Procedures Search for Equipment/Advertisement for Equipment Disposal of Equipment Transfer
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key intangible assets that make a significant difference when it comes to market value. Organizational capabilities are stable over time and more difficult to copy than other competitive advantages like product strategy or technology. A capabilities audit can show a company how measure up and how to build on intangible strengths to implement cultural interchange and communal harmony among employees. Some capabilities that well-managed companies all tend to have are as follows Talent: Talent is the
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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 opinion can be formed but management
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processed as a means of maintaining financial records. Such system identifies‚ assemble‚ analyse‚ calculate‚ record‚ summarise‚ and report transactions and other events." From the ISA400 also‚ internal control is defined as “all the policies and procedures adopted by the management of an entity to assist in achieving management’s objective of ensuring as far as practicable‚ the orderly and efficient conduct of its business‚ including adherence to management policies‚ the
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Distinguish between a liability and a environmental liability. Is there any difference in the principle? A liability is a present obligation of the enterprise arising from the past events‚ the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits whereas An environmental liability is an obligation to pay future expenditures to remedy environmental damage that has occurred because of past events or transactions‚ or to compensate a
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FRONT OFFICE PROCEDURES TOPIC: HANDLE GUEST CHECK-IN (Guest with Reservation) DIALOG | STANDARD PROCEDURES | Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist:Guest:Receptionist: | Good morning Sir/Madam. May I help you?Yes. I’ve booked a room for two nights and I would like to check in.May I have Could your name‚ please?Yes. It’s Smith
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What is an Environmental Audit Environmental auditing is a systematic‚ documented‚ periodic and objective process in assessing an organization ’s activities and services in relation to: • Assessing compliance with relevant statutory and internal requirements • Facilitating management control of environmental practices • Promoting good environmental management • Maintaining credibility with the public • Raising staff awareness and enforcing commitment to departmental environmental
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We do not believe that the auditors from Friehling & Horowitz exercised due care and maintained professional skepticism throughout the audit. According to the AICPA website‚ “due professional care imposes a responsibility upon each professional within an independent auditor’s organization to observe the standards of field work and reporting” (AICPA). This is because the auditors should have been skeptical of Madoff’s bank account and Chase and should have looked into what that bank account was
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Substantive Audit Testing: Revenue Cycle 1. Substantive Audit Testing: Revenue Cycle 2. MULTIPLE CHOICE: 3. 1. Which of the following might be detected by an auditor’s review of the client’s sales cut-off? 4. a. Excessive goods returned for credit. 5. b. Unrecorded sales discounts. c. Lapping of year end accounts receivable. d. Inflated sales for the year. 6. ANSWER: D 7. 2. Which of the following forms of evidence represents the most competent evidence that a receivable actually exists? 8. a. A
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CHAPTER 6 Audit Evidence |Learning Check | 6-1. a. Audit evidence is all the information used by the auditor in arriving at the conclusion on which the audit opinion is based. Audit evidence includes (1) the accounting records underlying the financial statements and (2) other information that corroborates the accounting records and supports the auditor’s logical reasoning about fair presentation in the financial statements. b. Any information that is obtained
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