Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

C. The following list of possible deviations from prescribed controls has been recorded in the internal auditor's working papers: Invoice Prescribed Number Control Finding 1472

image text in transcribed

C. The following list of possible deviations from prescribed controls has been recorded in the internal auditor's working papers: Invoice Prescribed Number Control Finding 1472 Credit department authorization of Evidence of credit department credit. approval of invoice. Amount of invoice exceeds maximum credit limit. 1545 Shipping department verification of No evidence of shipping agreement of goods shipped with department verification but invoice sales order. agrees with sales order. 1719 Credit department authorization of Name of authorizer not included on credit. approved signature list. Auditor investigation disclosed a new hire in credit whose name was inadvertently omitted from the authorized list of signers. Indicate for each invoice number whether it represents a deviation from the prescribed control. Briefly explain the reason for each

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

Tracking Your Trek Looking Backward To Determine Your Forward

Authors: Erica Pauly

1st Edition

979-8839157330

More Books

Students also viewed these Accounting questions