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Accounts Receivable - Alternative Il Case Study Facts: Your audit team is meeting in early September, 2019 to plan the audit of a distributor as of December 31, 2019. The team is about to plan the audit of accounts receivable, a very material amount on the client's balance sheet. The team: Sets Audit Risk as low Assesses inherent Risk as moderate Assesses Control Risk as low Derives Detection Risk as high will test internal controls Decides to send Positive Accounts Receivable Confirmations Would like to push as much audit work as possible outside of the busy winter period Issues: As of what date would you confirm Accounts Receivable? What other procedures would you perform in auditing Accounts Receivable especially as a result of your confirmation date decision above? . . Revenue and Collection Cycle Case Study Facts: Your audit team flowcharts the revenue cycle of your manufacturing company client. The audit team notes the following through preparation of the flowcharts and discussion with client personnel: Company personnel check credit files prior to approving a customer's order. Personnel in the warehouse regularly record shipping information in the shipment log. Perpetual inventory records are updated timely. Accounts receivable personnel promptly issue invoices once the shipments are made. Invoices are not prenumbered. When customers send in checks to pay the invoices, the client makes a detailed list of the remittances. The client fills out a deposit ticket and brings the deposit ticket to the bank. There is no reconciliation of the list of the remittances to the deposit ticket. The former cash clerk prepared bank reconciliations on a timely basis. She retired 3 months ago. No one has been reconciling the bank account since she retired. A review of the aging trend per recent aged accounts receivable trial balances shows the % of long overdue accounts receivable has been steadily increasing. The accounts receivable credit manager cannot explain the reason for this trend. Question: Describe two weaknesses in internal control in this revenue cycle