Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

auditing plz help asap The auditor has obtained an understanding of internal controls of SPACE Co but noticed the following misstatements have occurred: 1. The

auditing plz help asap

image text in transcribed
The auditor has obtained an understanding of internal controls of SPACE Co but noticed the following misstatements have occurred:" 1. The purchasing director processed payments to himself by authorizing a fictitious supplier's invoices and signed the cheque.+ 2. The incorrect price was used on sales invoices for billing to customers by the clerk because he she was not aware of the recent change in prices.+ Required:" For each of the above two misstatements: a. Identify ONE primary control activity that was absent. (2 marks) b. Identify the assertion that has not been met. (2 marks) c. Suggest a control to correct the internal control weakness. (6 marks) Use the table below to list out your answers.+ Misstatement a. ONE primary b. Assertion not mets c. Corrections control activity that was absent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial And Managerial Accounting The Managerial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

6th Edition

0134486854, 978-0134486857

More Books

Students also viewed these Accounting questions

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago