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AUDITTING CASE - ACCOUNTING the flowchart depicts the activities relating to the purchasing, receiving, and accounts payable departments of Model Company. REQUIRED : Based only
AUDITTING CASE - ACCOUNTING
the flowchart depicts the activities relating to the purchasing, receiving, and accounts payable departments of Model Company.
REQUIRED :
Based only on the flowchart, describe the control activities that most likely would provide reasonable assurance that specific assertions regarding purchases and accounts payable will be achieved. Do not describe deficiencies in internal control. (AICPA, adapted) *make it a long and detail answer! thankyou very much :D*
Accounts Payable From Rec. Report Requisition Form is Order with Duplicate Assures Best Price s Obtained & Request is within By Vendor Pending Imoice Matches 4 Dot Math Accuracy of in Secure Facility Verifies Adequacy of Vendor's Past Record & Prepares Compares Imvoice Quantity & Price to P.O & Rec. Report Approves & Prepares 3-Copy Purchase Order uisit Rec. Re Rec. Re P.O Rec. Report uisitio Voucher Voucher? PO (Prenumbered Voucher? Accounts Payable To AccountsReceiving Payable Received to Vendor Reports & ndependently Recommended Monthly in General Dept Head Or Quality ToStep by Step Solution
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