Identify Control objectives tested.

1. balance and reconcile detailed production cost sheets to the WIP inventory control account.
2. scan closed production cost sheets for missing numbers in the sequence.
3. vouch a sample of open and closed production cost sheet entries to (a) labour reports and (b) issue slips and materials used reports.
4. Locate the material issue forms. Are they numbered? Kept in secure location?
5. select several summary journal entries in WIP inventory. (a) vouch to weekly labour and material reports. (b) trace to control account.
6. select a sample of material issue slips in the production department files. Examine the following.

(a) issue date/material used report date.

(b) production cade numbers

(c) supervisors signature

(d) name and number of material

(e) raw material store's clerk's signature

(f) matching material requisition in raw materials stores file, noting date

7.Determine by inquiring and inspecting if cost clerks review dates on report of units completed for accounting in the proper period.

8.

IDENTIFY RISKS & CONTROLS PERTAINING TO Employees Credit Sales Purchase of a Paying O/S Recording being paid New Boiler Invoice Accrued salary unit Liabilities Validity Accuracy Completeness Proper Period Authorization Classification Recording Providing Receiving Supervising Recording Cost Depreciation Discounts to Payments for Timekeeping of Goods Sold Expense Customers Credit Sales Records Existence Valuation Completeness Ownership Presentation