UOP ACC 492 Week 1 Current Issue Summary

UOP ACC 492 Week 1 Current Issue Summary

Check this A+ tutorial guideline at

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Write a 175- to 350-word summary.

Research a recent article on sampling as it relates to financial statement auditing.

Apply what you learn to your future or current job.

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

UOP ACC 492 Week 2 Current Issue Summary Auditing Cash, Financial Instruments, Sales, or Receivables NEW

UOP ACC 492 Week 2 Current Issue Summary Auditing Cash, Financial Instruments, Sales, or Receivables NEW

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-492-uop/acc-492-week-2-current-issue-summary-auditing-cash,-financial-instruments-sales-or-receivables-recent

For more classes visit

http://www.uopassignments.com/

Write a 175- to 350-word summary.

Research a recent article on auditing cash, financial instruments, sales, or receivables.

Apply what you learn to your future or current job.

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

UOP ACC 492 Week 2 Textbook Problem 23-20, 14-26 NEW

UOP ACC 492 Week 2 Textbook Problem 23-20, 14-26 NEW

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23-20 (Objectives 23-3, 23-4) The following are misstatements that might be found in the client's year-end cash balance (assume that the balance sheet date is June 30):

1.The outstanding checks on the June 30 bank reconciliation were underfooted by $2,000.

2.A loan from the bank on June 26 was credited directly to the client's bank account. The loan was not entered as of June 30.

3.A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7.

4.A check was omitted from the outstanding check list on the bank reconciliation. It cleared the bank September 6.

5.Cash receipts collected on accounts receivable from July 1 to July 5 were included as June 29 and 30 cash receipts.

6.A bank transfer recorded in the accounting records on July 1 was included as a deposit in transit on June 30.

7.A check that was dated June 26 and disbursed in June was not recorded in the cash disbursements journal, but it was included as an outstanding check on June 30.

Required

a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible.

b.What control can be instituted for each fraud to reduce the likelihood of occurrence?

c.List an audit procedure that can be used to discover each fraud.

14-26 (Objectives 14-3, 14-4, 14-5) The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle:

1. Account for a sequence of shipping documents and examine each one to make sure that a duplicate sales invoice is attached.

2. Account for a sequence of sales invoices and examine each one to make sure that a duplicate copy of the shipping document is attached.

3. Compare the quantity and description of items on shipping documents with the related duplicate sales invoices.

4. Trace recorded sales in the sales journal to the related accounts receivable master file and compare the customer name, date, and amount for each one.

5. Examine sales returns for approval by an authorized official.

6. Review the prelisting of cash receipts to determine whether cash is prelisted daily.

7. Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a 1-month period.

Required

a. Identify whether each audit procedure is a test of control or a substantive test of transactions.

b. State which of the six transaction-related audit objectives each of the audit procedures fulfills.

c. Identify the type of evidence used for each audit procedure, such as inspection and observation.

UOP ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles NEW

UOP ACC 492 Week 3 Current Issue Summary Auditing Inventory, Warehouse, or Payroll Cycles NEW

Check this A+ tutorial guideline at

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Write a 525- to 700-word summary.

Research a recent article on auditing inventory, warehousing, or payroll.

Apply what you learn to your future or current job.

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document

UOP ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Walmart, 2000 Words) NEW

UOP ACC 492 Week 3 Team Assignment Inventory, Warehousing, and Payroll accounts and cycles (Walmart, 2000 Words) NEW

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Inventory, Warehousing, and Payroll accounts and cycles

Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Inventory, Warehousing, and Payroll accounts and cycles.

Submit a 700- to 1,050-word document that includes the following:

Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.

A brief summary page should be included in this document, 525 to 700 words, for each of the work programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Inventory balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).

Click the Assignment Files tab to submit your assignment in a Microsoft® Word document.

UOP ACC 492 Week 3 Textbook Assignment 20-20, 21-21 NEW

UOP ACC 492 Week 3 Textbook Assignment 20-20, 21-21 NEW

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20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of transactions procedures often performed in the payroll and personnel cycle. (Each procedure is to be done on a sample basis or using audit software.)

1. Reconcile the monthly payroll total for direct manufacturing labor with the labor cost distribution.

2. Examine the time card for the approval of a foreman.

3. Recompute hours on the time card and compare the total with the total hours for which the employee has been paid.

4. Perform a surprise payroll payoff and observe employees picking up and signing for their checks.

5. Compare the employee name, date, check number, and amounts on cancelled checks with the payroll journal.

6. Trace the hours from the employee time cards to job tickets to make sure that the total reconciles, and trace each job ticket to the job-cost record.

7. Use audit software to account for the sequence of payroll checks in the payroll journal.

Required

a. Identify whether each of the procedures is primarily a test of control or a substantive test of transactions.

b. Identify the transaction-related audit objective(s) of each of the procedures.

21-21 (Objectives 21-1, 21-3, 21-5, 21-6, 21-7) The Frist Corporation has the following internal controls related to inventory:

1. Only authorized inventory warehousing personnel are allowed in inventory storage areas.

2. All inventory products are stored in warehousing areas that are segregated from other storage areas used to house equipment and supplies.

3. All inventory held on consignment at Frist Corporation is stored in a separate area of the warehouse.

4. The inventory purchasing system only allows purchases from pre-approved vendors.

5. The perpetual inventory system tracks the average number of days each inventory product number has been in the warehouse.

6. Microchips are embedded in each product and when inventory items are removed from the warehouse to shipping, radio-frequencies signal a deduction of inventory to the perpetual inventory system.

7. On a weekly basis, inventory accounting personnel take samples of inventory products selected from the perpetual inventory system and verify that the inventory is on-hand in the warehouse and that the quantities in the listing are correct.

8. On a weekly basis, inventory accounting personnel select inventory items on hand in the warehouse and verify that the item is included in the perpetual inventory listing at the correct amount.

9. The perpetual inventory system subtotals the quantity of inventory in the system and interfaces with the general ledger system on a daily basis to ensure quantities agree.

10. The perpetual inventory system will not accept inventory additions without the recording on a valid receiving report.

For each of the internal controls:

Required

a. Identify the related transaction-related audit objective(s) affected by the control.

b. Describe risks the control is designed to mitigate.

c. Design a test of control to determine if the control is operating effectively.

UOP ACC 492 Week 4 Current Issue Summary auditing acquisitions, payments, property plant and equipment NEW