answer 8.47 & 8.48

LO 8-1. LO 8-2, LO 8.5 8.47 Payable 10 Items: Assertions, Tests of Controls, and Possible Errors or Frands. Following is a selection of items from internal control questionnaires, 1. Are purchase orders above a certain level approved by an officer? 2. Are the quantity and quality of goods received determined at the time of receipt by receiving personnel independent of the purchasing department? 3. Are vendors invoices matched against purchase orders and receiving reports before a liability is recorded? 4. Are journal entries authorized at appropriate lovels? Required: For each preceding hem 1. Identify the management assion to which it applies b. Speily one test of controls auditors could use to determine whether the control was operating effectively, c. Give an example of an error cred that could beer if the control were absent or ineffective d. Write a substantive procedure that could find Cords that old from the absence or effectiveness of the contes 845 Unrecorded Liabilities Procedures. You are the finales of your sudit of the finan cial statements of Ozine Corpotice for the younded December 3.3017 be the con porto's president of you. There believes the mining the 2015 ocherregending dan apport 2011 She to chany NS porting to 2017 recewed to ded the receber och reg ter were recorded by a od journal entity and the internal word for once Habilitate the these will pide you a certifying that there noncorded liabilities Required * Shold your produres for recorded in bed to the war the made a journal entry to 2017 dicere 1 hold your best for coded liabilithe affected Whether in which responsible official benifits that pon ded, all be bave been receptain c. Should your best for recorded this be me of the dit work? Explain Whores, in addition to the 2018 methode powincoded isbites! CARO Chel BOUT US LO 3-6 & Ewa LO 8-1. LO 8-2, LO 8.5 8.47 Payable 10 Items: Assertions, Tests of Controls, and Possible Errors or Frands. Following is a selection of items from internal control questionnaires, 1. Are purchase orders above a certain level approved by an officer? 2. Are the quantity and quality of goods received determined at the time of receipt by receiving personnel independent of the purchasing department? 3. Are vendors invoices matched against purchase orders and receiving reports before a liability is recorded? 4. Are journal entries authorized at appropriate lovels? Required: For each preceding hem 1. Identify the management assion to which it applies b. Speily one test of controls auditors could use to determine whether the control was operating effectively, c. Give an example of an error cred that could beer if the control were absent or ineffective d. Write a substantive procedure that could find Cords that old from the absence or effectiveness of the contes 845 Unrecorded Liabilities Procedures. You are the finales of your sudit of the finan cial statements of Ozine Corpotice for the younded December 3.3017 be the con porto's president of you. There believes the mining the 2015 ocherregending dan apport 2011 She to chany NS porting to 2017 recewed to ded the receber och reg ter were recorded by a od journal entity and the internal word for once Habilitate the these will pide you a certifying that there noncorded liabilities Required * Shold your produres for recorded in bed to the war the made a journal entry to 2017 dicere 1 hold your best for coded liabilithe affected Whether in which responsible official benifits that pon ded, all be bave been receptain c. Should your best for recorded this be me of the dit work? Explain Whores, in addition to the 2018 methode powincoded isbites! CARO Chel BOUT US LO 3-6 & Ewa