Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I hope you can help me with these. Thank you! the matters noted in the audit of Pat Express. Don't limit your answer to just

I hope you can help me with these. Thank you!

image text in transcribed
the matters noted in the audit of Pat Express. Don't limit your answer to just one response. For instance, in the fourth column, you may list down as many tests of controls as possible. Your output will be graded based on the propriety of your answers to the questions, so make sure that your recommendations are realistic and suitable to the audit matter. What control would have Which financial What test should Matter prevented or statement assertion the auditor detected the does the perform to test misstatement? misstatement relate? the control? 1. No collection was ever made for a sale to Sister Company because the invoice was never billed. 2. A cash collection for the account of Rain Company was misappropriated by the cashier. 3. The accounts receivable clerk posted to Kiko's account a sale made to Josie. . A shipment included four pairs of JC-1 clamps rather than four individual clamps. 5. A properly executed invoice for a valid sale was not recorded. 6. An order was never billed because the shipping document was misplaced 7. In an attempt to meet profit goals, more goods were shipped than customers had ordered 8. A sale that occurred on December 31, the last day of the accounting period, was recorded in the next accounting period

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Ronald W Hilton

8th Edition

0073526924, 9780073526928

More Books

Students also viewed these Accounting questions

Question

=+b) Use it to predict the value for January 2007. Section 19.4

Answered: 1 week ago

Question

2. How do I perform this role?

Answered: 1 week ago