Draw Design Layout References libri V11 VAN A I U - abc x x A A ACCT742 W20 Group Assignment 1 (1) Compatibility Mode] - Word Deep Hanset Mailings Review View Help Tell me what you want to do TEE T AaBbccDc AaBCD AaBbCcDc AaBbcDc ABCD ABCDE A = . T Normal Body Text List Para... 1 No Spac... 1 Table Pa... 1 Heading 1 1 Paragraph Styles Font [Part 4]: As mentioned in the introduction, Foot Fault manufacturers some of its product offering tennis equipment such as rackets and tennis balls, tennis clothing such as shirts and shorts, and accessories. In order to manufacture these items, Foot Fault purchases supplies from external third parties. Labilities to these third parties for goods and services purchased are entered in an accounts payable Journal, at which time the debits are classified as assets. Foot Fault maintains some specific control procedures regarding the approval payments or supplier invoices cheque signing record-keeping, and reconciliation of cheques to bank statements Michele Teper as the audit manager on the Foot Fault engagement is required to list control procedures that she wants to audit for their effectiveness with respect to cash payments. Required: Suggest to Michele a minimum of 2 (two) control tests for each of the below Control Objectives in an audit plan, with the goal of measuring the effectiveness of each Control Objective: Validity Objective Recorded payments are valid and documented, and represent payment for goods and services received Authorization Objective Cash payments are authorized according to company policy Accuracy Objective Cash payment dollar amounts are calculated and recorded accurately Classification Objective . Cash payments are properly classified in the accounts English (United States) ACCT742 W20 Group Assignment 1 (1) [Compatibility Mode] - Word Mailings Review View Help Tell me what you want to do Layout References A A A REE! gA === = > H AaBbCcDc AaBbcDc AaBbccDc AaBbccdc 11 Normal 11 Body Text List Para... 11 No Spac... x | Styles Paragraph are o or Treasugune emer veness UPSC C orujecuve Validity Objective Recorded payments are valid and documented, and represent payment goods and services received Authorization Objective Cash payments are authorized according to company policy Accuracy Objective Cash payment dollar amounts are calculated and recorded accurately Classification Objective Cash payments are properly classified in the accounts Proper Period Objective Cash payments are recorded in the proper period Draft 01 ACCT742 W2020 Group Assignment 1.docx Tell me what you want to do - Layout References Mailings Review View Help 1 VA AE2T x x A AEEEEE... Font Paragraph Draft 01 ACC7742 W2020 Group Assignment 1.docx AaBbcc 1 Normal AabbccDc AaBbcc AaBbcDc AaBbCcDc Aal Body Text List Para... No Spac... 1 Table Pa... TH Styles ofy Group Assignment 1 (GA) for ACCT 742, Winter 2020 Stephen Hudovernik - The Business School, Centennial College [Part 5): Michele Teper is planning her audit for accounts payable. In the prior-year audit, Michele had decided to mail 30 confirmations to Foot Fault suppliers. This represented approximately 10% of all the suppliers Required: (a) in order to determine the appropriate audit procedures for Foot Fault with respect to ensuring all accounts payable are included in the account balance, identify 3 (three) appropriate audit objectives. (b) With respect to the use of confirmation for accounts payable, discuss whether there is a requirement touse confirmations in this situation What could Michele do as an alternative to the use of Confirmations? C) If your answer to (b) above is no, identify 5 (five) situations where Michele could use Confirmations States) Layout References Mailings Review View Help me what you want to do 1 VA A A 21 X, X AA EI DE bcept | AalbCD AaBbcDc Aabt T Normal Body Text List Para... 1 No Spac... 1 Table Po. T Hea Font Paragraph Styles Group Assignment 1 (GA1] for ACCT 742, Winter 2020 Stephen Hudovernik - The Business School, Centennial College [Part 6]: The inventory count at Foot Fault includes the racquets, balls. dothing and accessories Foot Fault offers to sell to its customers Michele Tepee had observed the inventory count performed by Foot Fault employees on October 25, 2020. She has also reviewed the sales Journal and Shipping records for the period between October 25 - October 31, 2020 because Foot Fault ships some products to a small number of clients located a few hundred kilometers east of Toronto, the company rents a small warehouse in Cobourg, Ontario Products stored at this Cobourg location were added to the Foot Fault's total inventory count based on a physical inspection by Foot Fault employees on August 31, 2020 (because it is very far for Hamilton-based employees to travel to Cobourg, this August 31 date was the most recent visit), Required: the observation of physical count of (a) What should Michele document as evidence in the working papers regarding inventory (by Foot Fault employees) and (ii) the supervision of these employees [b) What substantive audit procedures should Michele select and later document as part of the audit working papers) with respect to Management's draft financial statements assertions regarding completeness and existence of inventory. ed States Deep Hanson ACCT742 W20 Group Assignment 1 (1) Compatibility Mode] - Word Mailings Review View Help Tell me what you want to do sign Layout References VAN A. ** A . A .. . Paragraph 21 . AalbDe Aabbcc TI Normal 11 Body Text AaBbcc List Para... Aabbcc AabCD AaBbcDE No Spac... 1 Table Pa. T Heading 1 1 Z . Styles Invoice mace Dace noire Amount Payments $ 1,500 5.0005 2.500 5 05 5.0805 1015 3000 S Acton Tennis Club 1010 September 25, 2020 $ Acton Tennis Club 1022 October 15, 200 5 Bowmanville Athletic Club 1006 AL 25,2020 $ Sowmanville Athletic Oub 1 013 September 21 2093 $ Bowman Athletic Oub1014 October 2005 Caledonia Sports & Fitness 10020205 Caledonia Sports & Fitness October 2, 2010 Caledonia Sports & Fitness 1 018 October 10, 2020 Dominic's Tennis Spot 1003 27, 3020S Dominic's Tennis Spot A 27, 2005 Dominic's Tennis Sport 1011 Setember 27, 2005 Edwards Garders Tennis Club 1016 October 2010 Edwards Gardens Tennis 1019 October 11, 2020 TS Eowards Gardens Tennis 1026 October 2000 Eat Baguet Club 10GS Sember 15, 20205 Famo us Club 1023 October 15, 200 5 Giovanni's Tennis Emporium 1012 September 27, 20205 Merry's Athletics 1070 October 12. 2020 S ng Tennd and Go OD 1017 October 5, 2020 Jens Aretic Club August 31, 2020 $ Kingston Downtown Tennis 1004 A A t 3 25, 2020 2030 $ Kingston Downtown Tennis 1025 Drober 17, 2020 S Leamington Sports Centre 1021 October 18 2020 $ Morningside Tennis Cub 1001 May 31, 2020 $ o x Soorts Centre 2009 September 22, 2000 S Betonbreak Sports Centre 1024 October 15, 2020 1007 8 000 $ 500S 15 000 $ 81005 5 00 5 B TOTAL *** END OF ASSIGNMENT ted States