Flowchart Purchasing Process-Identification of Controls & Weaknesses Wood Manufacturing (30 pts) Name: ______________________ Last 5 CUNY ID: _____

Identify the Controls and Weaknesses in the accompanying flowchart (Purchases/Payables/Payments) attached as done in class over the past few weeks. Indicate the importance of the control or severity of any weaknesses and how you would test the controls or overcome the weaknesses that you identify in the flowchart for your audit: List any and all ASSUMPTIONS (if any) you may have below: (assumptions should be logical given the scenarios presented). YOU NEED NOT HAVE ANY ASSUMPTIONS!!!

#	Assumptions (if any)
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ACC 321 - Auditing I - FALL 2018 - PRACTICE - Problem - Dr. Solieri

Controls Name: ______________________ Last 5 CUNY ID: _______

#	A Concise Description of the Control Identified Indicating the Design Characteristic that will be tested (the Implementation of Functioning)	Importance of the Control to the Audit	How the Control will be Tested During the Current Audit
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ACC 321 - Auditing I - FALL 2018 - PRACTICE - Problem - Dr. Solieri

Controls Name: ______________________ Last 5 CUNY ID: _______

#	A Concise Description of the Control Identified Indicating the Design Characteristic that will be tested (the Implementation of Functioning)	Importance of the Control to the Audit	How the Control will be Tested During the Current Audit
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#	A Concise Description of the Weakness Identified Indicating the Absence of Appropriate Design Characteristic or Implementation Issue Causing Potential Risk)	Your Assessment as a Deficiency/ Sign Deficiency/ or Material Weakness	How the Weakness Impacts the Audit and How You Will Overcome the Weakness(es) During Your Audit so that A Clean Opinion May be Provide on the Financial Statements
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#	A Concise Description of the Weakness Identified Indicating the Absence of Appropriate Design Characteristic or Implementation Issue Causing Potential Risk)	Your Assessment as a Deficiency/ Sign Deficiency/ or Material Weakness	How the Weakness Impacts the Audit and How You Will Overcome the Weakness(es) During Your Audit so that A Clean Opinion May be Provide on the Financial Statements
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CLIENT PROCEDURE PURCHASES PAYARLES PAYMENTS ACCOUNTING DEPT ACOOUNTS PAYABLE CLERH CONTROLLER N. GOULD M LANDOVER T GRANT FROM SUPPL O PURCKASE ORDER P PACKING SLIP STATEMENT TO ACCOUNTS PAYAR BR BANK RECONCILIATION CANCELLED Cecs IFICATION OF T TEMPORARY FILES COMPARE CONTENT AND RE VHEW BALANCE ETENESS CLIENT PROCEDURE PURCHASES PAYARLES PAYMENTS ACCOUNTING DEPT ACOOUNTS PAYABLE CLERH CONTROLLER N. GOULD M LANDOVER T GRANT FROM SUPPL O PURCKASE ORDER P PACKING SLIP STATEMENT TO ACCOUNTS PAYAR BR BANK RECONCILIATION CANCELLED Cecs IFICATION OF T TEMPORARY FILES COMPARE CONTENT AND RE VHEW BALANCE ETENESS