Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the following internal control, please 1) identify the type of control activity/activities, 2) list one relevant audit objective, and 3) suggest a test of

For the following internal control, please 1) identify the type of control activity/activities, 2) list one relevant audit objective, and 3) suggest a test of control procedure that checks the effectiveness of this control. The test of control procedures listed need to provide reliable audit evidence.

a. Vendors invoices that have been processed for payment are properly cancelled.

b. The receiving reports are pre-numbered and their sequence is accounted for each week.

c. Purchase requisition forms need to be approved by the warehouse supervisor.

d. The payroll accountant does not have access to employees human resource files, which are password protected.

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

Students also viewed these Accounting questions

Question

Which theory of gender is most difficult to test? Easiest to test?

Answered: 1 week ago