What total do you get for the Sales in your completeness test? 5317470.36 500000.00 79578.63 79000.00 Read the Bradmark Case located in the "Bradmark Case Description" folder and answer the following questions: 1) From the case description and the associated flowcharts, assess Bradmark's internal controls over its revenue cycle procedures. List three indicators of potential issues with regard to revenue cycle procedures: 1. 2. 3. 2) The case description, the flowchart, the file structures, and the selected financial data below allow for specification of audit objectives (that can be achieved using ACLCMTM ) for each management assertion presented in the matrix below. Complete any boxes that are empty within the matrix with either the Audit Objective or Audit Procedure. \begin{tabular}{|l|l|l|} \hline ExistenceorOccurrence & VerifythattheARrepresentsactuallyowedtoBradmark & UseACLtoprepareconfirmationlettersforcustomers \\ \hline Completeness & VerifythattheSalesfigurereflectsonlysalesthatoccurredandwereshippedduringperiod & JointheSalesInvoiceandShippingLogfilesandgetasalestotalforitemsthatwereshippedwithintheperiod(2004)tocomparetoSalesfigureabove. \\ \hline ValuationorAllocation & VerifythattheARbalanceisreportedatnetrealizablevalue & RecalculateAR(findopenSalesInvoices)fortheperiodandperformanagingofARtodeterminethereasonablenessoftheallowancefordoubtfulaccounts \\ \hline Accuracy & JointheSalesInvoiceandCashReceiptsfilesandsearchfordiscrepanciesbetweenamountdueandamountsactuallypaid. \\ \hline \end{tabular} The ACL Project and ACL, files used in the Bradmark case are located in the Bradmark Data Folder on Blackboard. Download these files to your computer and click on the Bradmark 04ACL icon. ACL will automatically open the case. 3) Perform the ACL tests outlined in step 2 above (NOT the ones in red!). For each of the three tests you'll be completing, put a screenshot of your test in ACL, with a brief (1-3 lines) explanation of the test and results. 4) Complete any missing boxes in the matrix below, identifying an operational (business) concern related to the revenue procedures. The matrix briefly describes the audit objective and ACL procedures to answer this concern. Below the matrix, paste screenshots of the ACL audit test(s) performed and add a brief (1-3 lines) explanation of the test and results. What total do you get for the Sales in your completeness test? 5317470.36 500000.00 79578.63 79000.00 Read the Bradmark Case located in the "Bradmark Case Description" folder and answer the following questions: 1) From the case description and the associated flowcharts, assess Bradmark's internal controls over its revenue cycle procedures. List three indicators of potential issues with regard to revenue cycle procedures: 1. 2. 3. 2) The case description, the flowchart, the file structures, and the selected financial data below allow for specification of audit objectives (that can be achieved using ACLCMTM ) for each management assertion presented in the matrix below. Complete any boxes that are empty within the matrix with either the Audit Objective or Audit Procedure. \begin{tabular}{|l|l|l|} \hline ExistenceorOccurrence & VerifythattheARrepresentsactuallyowedtoBradmark & UseACLtoprepareconfirmationlettersforcustomers \\ \hline Completeness & VerifythattheSalesfigurereflectsonlysalesthatoccurredandwereshippedduringperiod & JointheSalesInvoiceandShippingLogfilesandgetasalestotalforitemsthatwereshippedwithintheperiod(2004)tocomparetoSalesfigureabove. \\ \hline ValuationorAllocation & VerifythattheARbalanceisreportedatnetrealizablevalue & RecalculateAR(findopenSalesInvoices)fortheperiodandperformanagingofARtodeterminethereasonablenessoftheallowancefordoubtfulaccounts \\ \hline Accuracy & JointheSalesInvoiceandCashReceiptsfilesandsearchfordiscrepanciesbetweenamountdueandamountsactuallypaid. \\ \hline \end{tabular} The ACL Project and ACL, files used in the Bradmark case are located in the Bradmark Data Folder on Blackboard. Download these files to your computer and click on the Bradmark 04ACL icon. ACL will automatically open the case. 3) Perform the ACL tests outlined in step 2 above (NOT the ones in red!). For each of the three tests you'll be completing, put a screenshot of your test in ACL, with a brief (1-3 lines) explanation of the test and results. 4) Complete any missing boxes in the matrix below, identifying an operational (business) concern related to the revenue procedures. The matrix briefly describes the audit objective and ACL procedures to answer this concern. Below the matrix, paste screenshots of the ACL audit test(s) performed and add a brief (1-3 lines) explanation of the test and results
