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auditing c) When auditing the client's company, the extemal auditor should be familiar with the proper design and use of documents and records in order to access the internal control reliability. Assume you are an auditor and you are currently auditing Lappy Sdn. Bhd. You have identified several issues while performing the audit. Sarah the clerk who handles the client's files went for one-month unpaid leave while the customer invoices are not arranged in a file accordingly. It was a messy situation and you are unable to track the invoices. When you requested for the invoices from the other colleagues they were unsure about it as Sarah was the only one who handles the documentation part. While auditing the customer payment documentation you also realise that resit was not issued immediately to customers who made payment. Resit were issued to customer long after payment is received: Another very obvious issue you notice was that most the internal documents were without signature or sign of approval by relevant personnel. equired: s an auditor, provide five suggestions to Lappy Sdn. Bhd. on improving the control over cuments and record keeping. (5 marks) .

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Sample content Learning Team Assignment: Internal Control Audit – Apollo Shoes ACC 490 Assertions and Questions Yes, No, N/A Comments Occurrence assertion: 1. Is the credit department independent of the sales department? Yes The salesclerks are in the marketing division and order requiring credit authorization is taken to the credit manager in the treasury division. 2. Are sales of the following types controlled by the same procedures described below? Sales to employees, COD sales, disposals of property, cash sales, and scrap sales. No The sales by various teams are handled differently as per organization policies and methods. 3. Is access to sales invoice blanks restricted? Yes Sales bills are locked up in the billing division and are taken out on an as-needed basis. 4. Are pre-numbered bills of lading or other shipping documents prepared or completed in the shipping department? Yes The delivery division utilizes a pre-numbered Bill of Lading havi

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

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ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

corabelladumouchel

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

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ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

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ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

corabelladumouchel

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

corabelladumouchel

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

corabelladumouchel

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

corabelladumouchel

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

ACC 490 Week 4 LT Assignment Apollo Shoes Case Assignment 2015 version

plasketholli

1404 Audit client A&C

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Midterm Exam Fall 2015 ACCT 612 – Auditing Instructions • After you have downloaded this document from the Midterm Exam Assignment, please save a copy of this document and rename it using your own name as the file name so that I can keep them separate o Midterm Exam Fall 2015 ACCT 612 – Auditing Instructions · After you have downloaded this document from the Midterm Exam Assignment, please save a copy of this document and rename it using your own name as the file name so that I can keep them separate on my machine (i.e., "Jim Peters Mid.doc"). · Type all your answers in this document. · Once you have completed the exam, submit your completed Word files by attaching them to the Midterm assignment in LEO by midnight, November 1st. I will assess a 5% per day late penalty for late exams. · If you need clarification on the wording of any question on the exam, you can e-mail me or call me at the phone numbers listed in my contact information. · I will not accept direct quotes in your answers. If you use outside sources, you need to paraphrase the material in your own words. · I will deduct points for not following these instructions. For example, I will deduct points if you do not type your answers in this document and submit some other type of file; if you do not attached your file to the assignment; or if you do not rename your file as instructed above. I have posted a spreadsheet file, which I refer to as a grading checklist, with this exam. That spreadsheet file shows you how I have allocated points to questions. When grading your exams, I will fill in a copy of this file for each student and return it with your graded exam. When I grade exams, I embed comments in the Word documents to explain why I am deducting points. Course Policy on Collaboration and Individual Work This exam is an individual assignment. You are not to discuss it with anyone other than myself. It is also open book and open note. However, it is not a research assignment and I want you to base your answers to the questions on the material I have included in the exam, the text for the course, and the materials I have handed out in class. Questions None of these questions has a style component, thus you don't have to write in complete sentences and well-formed paragraphs. You can use lists where appropriate if you want. 1) You are a partner in a medium-sized, regional CPA firm and have been approached by XYZ, Inc., a relatively small, public company, to do their audit for next year. XYZ is registered with the SEC and has filed audited 10-Ks for the last 10 years since they went public. They haven't indicated why they are switching auditors. XYZ specializes in developing shale gas using fracking technology. Fracking technology involves drilling wells into shale formations and injecting high pressure water containing special chemicals into the well to fracture the shale formation and release the trapped natural gas. You and your firm currently .

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Rose Leisure Club Co (Rose) operates a chain of health and fitness clubs. Its year end was 31 October 2012. You are the audit manager and the year-end audit is due to commence shortly. The following three matters have been brought to your attention. (i) Trade payables and accruals Rose’s finance director has notified you that an error occurred in the closing of the purchase ledger at the year end. Rather than it closing on 1 November, it accidentally closed one week earlier on 25 October. All Purchase invoices received between 25 October and the year end have been posted to the 2013 year-end Purchase ledger. (ii) Receivables Rose’s trade receivables have historically been low as most members pay monthly in advance. However, during the year a number of companies have taken up group memberships at Rose and hence the receivables balance is now material. The audit senior has undertaken a receivables circularisation for the balances at the year end; however, there are a number who have not responded and a number of responses with differences. (iii) Reorganisation The company recently announced its plans to reorganize its health and fitness clubs. This will involve closing some clubs for refurbishment, retraining some existing staff and disposing of some surplus assets. These plans were agreed at a board meeting in October and announced to their shareholders on 29 October. Rose is proposing to make a reorganisation provision in the financial statements  Describe substantive procedures you would perform to obtain sufficient and appropriate audit evidence in relation to the above three matters............................................

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