14-3 14.4 Oceanview Marine Company Audit Program (performance format) Tests of Controls and Substantive Tests of Transactions: Acquisitions December 31, 2018 Oceanview Marine Company Audit Program (performance format) Tests of Controls and Substantive Tests of Transactions: Acquisitions (continued) December 31, 2018 WP W/P INIT COMMENTS 1. CONCLUSIONS: 14.7 Ambwe #2 W/P/4.7 Antribute on W/P 14-7 A Antribute #4 on WP 14-7 A Ambwe So WP 4.7 A 14.7 Ambwe #5 on WP 4.7 14.7 Amribute #6 on W/P 14.7 AUDIT PROCEDURES 1. Select a sample of $4 voucher register (purchases yumal) entries and for each entry: review the purchase order for appropriate approval vouch to the receiving report or other supporting document to ensure goods or services were received compare amount recorded in voucher register with total on vendor's invoice d) verify the mathematical accuracy of information on the vendor's invoice. compare quantity ies) on invoice with quantity(ies) on receiving report and purchase order. 1.) determine that all documents in voucher package are canceled (stamped paid") to prevent re-uc. review supporting documents to verify proper account classification compare the dates actually recorded with dates on supporting receiving reports. 2. Select a sample of 33. receiving reports and a. trace each to the voucher register (purchases journal) btrace posting from voucher register to AP subsidiary records 3. Determine by inspection that receiving reports are prenumbered, and are accounted for 4. Test the accuracy of the footings in the voucher register, and trace postings of totals to the general ledger 5. Determine by inspection that an independent reconciliation of the A/P subsidiary records and the GL is performed regularly. Amribute #7 on WP 14-7 2. EFFECT OF RESULTS ON AUDIT PLAN: 14.7 Amribute #8 on W/P 14-7 8 Co 14.10 P 14.10 BC BC No exceptions fowl. No exceptions found Co 14.9 BC No exceptions found P 14.9 BC No exceptions found P 14-9 BC No exceptions found 3. RECOMMENDATIONS TO MANAGEMENT Audit Objective for Tests of Controls and Substantive Tests of Transactions: Accuracy Existence or occurrence Classification Posting & summarization Completeness Timing