Internal auditing Case study QUESTION 1 SWOT analysis (alternatively SWOT matrix) is a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture. Strengths There no strengths of this university | Weakness * One of the weaknesses of university was the inadequate segregation duty. Mr. Lockwood had a wide span of control and was unable breach certain policies .for example purchasing and university policies
Words: 2538 - Pages: 11
that it has been properly made upon the books of account". b. The emphasis is on ascertaining- i) That every entry in the books of account is supported by a voucher and that no voucher has gone unrecorded in the books of account; ii) That the transaction is genuinely concerned with the business iii) That the amount involved in the transaction has been accurately recorded and iv) That the entry has been made correctly in the appropriate account C. The main objectives of vouching are: a
Words: 1542 - Pages: 7
you may see on any upcoming exams. 2006 AICPA Newly-Released Auditing Questions An auditor observes the mailing of monthly statements to a client's customers and reviews evidence of follow-up on errors reported by the customers. This test of controls most likely is performed to support management's financial statement assertions of: Presentation and disclosure Yes Yes No No Existence or occurrence Yes No Yes No a. b. c. d. ANSWER: Choice "c" is correct. In testing the existence or occurrence
Words: 11923 - Pages: 48
cash, accrual basis accounting, and unearned and accrued revenue. In week three several topics were discussed including, accounting information and tools, the balance sheet, calculating profit and loss, cash control and assessing financial performance. In week four we covered internal controls and the Sarbanes-Oxley Act. We wrapped up the course discussing what motivates companies to invest. There was a great deal of information presented in this course especially considering it was crammed into
Words: 1401 - Pages: 6
As a public company, LJB Company will be held accountable and responsible for certain internal controls as established by the Sarbanes-Oxley Act. These controls involve all aspects of operations, finances and personnel. The SOX internal control standards apply to all public companies listed on the U.S. exchanges- New York Stock Exchange and NASDAQ. Internal controls consist of methods and measures utilized by a company to ensure their assets are protected; there is a structured reliability in their
Words: 599 - Pages: 3
Acknowledgements I am thankful to our ‘Honorable Instructor’ Mr. A. H. Lutful Hassan, Deputy Director, P&D Adjunct Faculty, school of business of Independent University, Bangladesh. He provided me valuable assistance in preparing this assignment. I am deeply grateful to him, that he constructs this course to render exposure of Auditing as well as the basic functioning of such. The course builds on the capacity developed in the principle of accounting practice basic concepts and apply them
Words: 6869 - Pages: 28
Worksheet for You Decide Name _JANICE VALDEZ Course Code _AC555ON_Grade ___/ Date 4/15/_2012_ Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: The Securities and Exchange Commission (SEC), an agency of the federal government, assists in providing investors with reliable information upon which to make investment decisions. The Securities Act of 1933 requires most companies planning to issue new securities to the public
Words: 3063 - Pages: 13
assist with the process of payroll, inventory, accounts receivable and payables along with the daily sales. The current AIS that have been implemented will address the systems integrity and the new system will help KFF to ensure that the data is accurate and reliable for the preparation of the financial statements for the organization. Now that the new accounting information system has been set up it is now time to perform an audit of KFF internal controls. In order to do this we will take a look at
Words: 1053 - Pages: 5
processes and records needed for the new sales and sales returns system. Principle risks will also be identified in the report. An effective internal control will be useful on addressing those risks, which will be helpful on making preventive and corrective measures. Works of auditor regarding to the new system will also be mentioned. This report is for internal use only, no circulation between third parties is allowed. Documentation, processes and records for the new sales and sales return system:
Words: 989 - Pages: 4
Acquisition and payment cycle All Transactions, orders, and payments processed January 1, 2007 through December 31, 2007 AUDIT OBJECTIVES: • To determine internal control compliance to sub objectives for payroll and personnel cycle, sales/revenue and collection cycle, and the acquisition and payment cycle. • To obtain control evidence and documentation about the existence, accuracy, classification, timing and completeness of recorded acquisition transactions. CRITERIA: Statement on
Words: 1553 - Pages: 7
