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PRE Section 4 Audit Program and Workpapers.pdf X G File | C:/Usersapat/AppData/Local/Temp/Temp1_tram%20vally.zip/Section%204%20Audit%20Program%20and%20Workpapers.pdf Not syncing O munnalwa | TT-Torr... #pathenonchatroom VALLEY PUBLISHING COMPANY 12/31/20X2 AUDIT PROGRAM ACQUISITION AND DISBURSEMENT CYCLE # STEP Initial W/P PD & Date Ref. Review the following appropriate sections in the permanent file a. Organization chart. 1. b. Description of purchases and cash disbursements C. Flowchart of purchases and cash disbursements. 2. Select a representative sample of at least 30 vouchers. Prepare a schedule listing the vouchers selected. Obtain the vouchers and supporting documents. Determine the following, indicating the work done and exceptions noted: a. Purchase requisition for purchases over $200. b. Voucher over $500 properly approved by Duncan. C. Invoice approved by appropriate operating personnel. d. Purchases required to be approved by the board of directors 3. as indicated by policies and procedures in the permanent file e. Vendor's invoice checked for price and accuracy. f. Documents (requisition, purchase order, invoice) compared. 9. Documents canceled by properly authorized personnel. h. Documents exist and are in agreement. i. Voucher recorded to proper account or accounts. 4. Trace monthly totals from the voucher register to the general ledger, on a test basis. 5 . Foot and cross-foot the voucher register on a test basis, on a test basis. Obtain the canceled checks for the vouchers selected and per- form the following: 6. a. Examine the checks noting signatures and endorsements. b. Compare payee and amount with the voucher register. c. Trace the check to check register, noting payee and amount. 7. Foot the check register on a test basis. 8 . Trace monthly totals from the check register to the general ledger, on a test basis. [) ) 9 . Summarize the results for each audit test, indicating the number of vouchers tested and the number of exceptions. Prepare a memo summarizing the results of the dual-purpose 10. tests of controls and transactions. State your conclusions about O the resulting assessment of control risk. ENG SECTION 4: 20x2 Audit Programs and Workpapers 4-5 2:13 PM Wednesday 9/15/2021 VALLEY PUBLISHING COMPANY 12/31/20X2