This document provides an overview of the ACCT 555 Week 7 Homework Assignment, including sample questions covering topics like internal controls, auditing procedures, and potential financial misstatements. Specifically, it addresses controls over payroll, approval of time records, separation of duties for hiring and payroll, tests of controls vs substantive tests, controls over inventory purchases, cost accounting records, physical inventory counts, purposes of internal controls, tests of control effectiveness, potential misstatement risks, and substantive audit procedures. The document directs the student to an online tutorial for guidance on the assignment and notes that additional classes are available on the same website.
Award Winning Cash Application Automation Software by Rimiliarimilia
Overview of features and benefits of using an automated cash allocation / cash application product
Any bank, any payment type, any business sector, any ERP in any country
Worlds leading cash allocation automation software
EBS Answers Webinar Series - Ace your Audit: Preparing Your Oracle E-Business...eprentise
During a traditional audit, users of Oracle E-Business Suite run into the same pain point: they struggle to identify and extract accurate data out because there are not adequate controls around reporting. The data usually ends up coming from multiple places, the level of detail needed isn’t found in the system, and significant time is spent by high-dollar resources to prepare for the audit. However, there are ways to leverage EBS to run industry standard audit procedures and proactively identify areas of non-compliance in advance for a smoother process. In this session, explore the recommended year-round practices and tools available to ace your audit.
Award Winning Cash Application Automation Software by Rimiliarimilia
Overview of features and benefits of using an automated cash allocation / cash application product
Any bank, any payment type, any business sector, any ERP in any country
Worlds leading cash allocation automation software
EBS Answers Webinar Series - Ace your Audit: Preparing Your Oracle E-Business...eprentise
During a traditional audit, users of Oracle E-Business Suite run into the same pain point: they struggle to identify and extract accurate data out because there are not adequate controls around reporting. The data usually ends up coming from multiple places, the level of detail needed isn’t found in the system, and significant time is spent by high-dollar resources to prepare for the audit. However, there are ways to leverage EBS to run industry standard audit procedures and proactively identify areas of non-compliance in advance for a smoother process. In this session, explore the recommended year-round practices and tools available to ace your audit.
Section 404 of the Sarbanes Oxley Act requires auditors of a public .pdfrajeshjangid1865
Section 404 of the Sarbanes Oxley Act requires auditors of a public company to analyze and
report on the effectiveness of the client\'s internal controls over financial reporting. Describe the
responsibilities that auditors of public companies have to discover and report (a) significant
deficiencies in internal controls and (b) material weaknesses in internal controls. Include a
definition of each item in your answer. Under what condition or conditions can auditors issue an
unqualified or clean opinion on the effectiveness of a client\'s internal controls over financial
reporting?
Solution
Note: Please note, that there is no specific definition of \"Internal Control Deficiency\" and
\"Significant Control deficiency\" in the audit subject. Definition of Material Weakness has been
added. In case of any further clarification please let me know.
Definiton of Internal Control: \"Internal Control\" means the planning of an organisation and all
the policies and procedures adopted by an organisation\'s management to ensure orderly and
efficient conduct of business.
Defintion of Material Weakness: \"Material Weakness\" is a weakness or deficiency in internal
control due to which there is a possibility that the material misstatement in financial statement
will not be prevented or detected on a timely basis.
It is not the responsibility of the auditorto identify each and every deficieny in Internal Control
and express an opinion on it. His responsibility is \"To communicate any significant deficiency
in internal control identified during audit to management/Those Charged With
Governance(TCWG)/Audit Committee.
Auditor can issue an unqualified or clean opinion on the effectiveness of a client\'s internal
controls if their internal controls are seems effective to the auditor, if significant related party
transactions are scrutinized by the management/TCWG, if Management fraud prevented by
Internal Control, if non compliance of Laws & Regulations are prevented and properly followed
by management, if Internal Control designed and implemented in a way so that it can prevent or
detect and correct misstatements in Financial Statement on timely basis..
Vskills certification for Payroll Professional assesses the candidate as per the company’s need for developing and managing payroll system for organizations. The certification tests the candidates on various areas in determining rates of pay, compensation management, job analysis, reward management, international compensation strategy, competency and knowledge-based pay, The Gratuity and Bonus Act.
careful examination or scrutiny.
"on closer inspection it looked like a fossil“
An inspection is, most generally, an organized examination or formal evaluation exercise. In engineering activities inspection involves the measurements, tests, and gauges applied to certain characteristics in regard to an object or activity.
Act of examining something, often closely.. Organization that checks that certain laws or rules are obeyed..
Inspection synonyms: examination, scrutiny
Section 404 of the Sarbanes Oxley Act requires auditors of a public .pdfrajeshjangid1865
Section 404 of the Sarbanes Oxley Act requires auditors of a public company to analyze and
report on the effectiveness of the client\'s internal controls over financial reporting. Describe the
responsibilities that auditors of public companies have to discover and report (a) significant
deficiencies in internal controls and (b) material weaknesses in internal controls. Include a
definition of each item in your answer. Under what condition or conditions can auditors issue an
unqualified or clean opinion on the effectiveness of a client\'s internal controls over financial
reporting?
Solution
Note: Please note, that there is no specific definition of \"Internal Control Deficiency\" and
\"Significant Control deficiency\" in the audit subject. Definition of Material Weakness has been
added. In case of any further clarification please let me know.
Definiton of Internal Control: \"Internal Control\" means the planning of an organisation and all
the policies and procedures adopted by an organisation\'s management to ensure orderly and
efficient conduct of business.
Defintion of Material Weakness: \"Material Weakness\" is a weakness or deficiency in internal
control due to which there is a possibility that the material misstatement in financial statement
will not be prevented or detected on a timely basis.
It is not the responsibility of the auditorto identify each and every deficieny in Internal Control
and express an opinion on it. His responsibility is \"To communicate any significant deficiency
in internal control identified during audit to management/Those Charged With
Governance(TCWG)/Audit Committee.
Auditor can issue an unqualified or clean opinion on the effectiveness of a client\'s internal
controls if their internal controls are seems effective to the auditor, if significant related party
transactions are scrutinized by the management/TCWG, if Management fraud prevented by
Internal Control, if non compliance of Laws & Regulations are prevented and properly followed
by management, if Internal Control designed and implemented in a way so that it can prevent or
detect and correct misstatements in Financial Statement on timely basis..
Vskills certification for Payroll Professional assesses the candidate as per the company’s need for developing and managing payroll system for organizations. The certification tests the candidates on various areas in determining rates of pay, compensation management, job analysis, reward management, international compensation strategy, competency and knowledge-based pay, The Gratuity and Bonus Act.
careful examination or scrutiny.
"on closer inspection it looked like a fossil“
An inspection is, most generally, an organized examination or formal evaluation exercise. In engineering activities inspection involves the measurements, tests, and gauges applied to certain characteristics in regard to an object or activity.
Act of examining something, often closely.. Organization that checks that certain laws or rules are obeyed..
Inspection synonyms: examination, scrutiny
eco 372 week 2 knowledge check new,eco 372 week 2 team weekly reflection economic forecasting paper new,eco 372 week 2 individual assignment product purchases and the economy new,eco 372 week 2 assignment the real economy in the long run new,eco 372 week 2 principles of economics and the data of macroeconomics new,uop eco 372,eco 372,uop eco 372 week 2 tutorial,eco 372 week 2 assignment,uop eco 372 week 2 help
bis 155,bis 155 entire course,bis 155 devry,devry bis 155,bis 155 ilabs,bis 155 exercise, bis 155 final exam,devry bis 155 course project,bis155 week 2 ilab,bis 155 week 2 quiz,bis 155 week 2 ilab data analysis with spreadsheets with lab
bis 155 week 1 to week 5 all quiz,bis 155,bis 155 entire course,bis 155 devry,devry bis 155,bis 155 ilabs,bis 155 exercise, bis 155 final exam,devry bis 155 final exam,bis 155 course project,bis 155 free,bis 155 week 1,bis 155 week 2,bis 155 week 3,bis 155 new
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
1. DEVRY ACCT 555 Week 7 Homework Assignment
Check this A+ tutorial guideline at
http://www.acct555entirecourse.com/acct-
555/acct-555-week-7-homework-assignment
For more classes visit
http://www.acct555entirecourse.com
www.acct555entirecourse.com
20-17
a.A factory foreman at Steblecki Corporation
discharged an hourly worker but did not notify the
human resources department. The foreman then
forged the worker's signature on time cards and
work tickets and, when giving out the checks,
diverted the payroll checks drawn from the
discharged worker to his own use. The most
effective procedure for preventing this activity is
to
2. An auditor found that employee time records in
one department are not properly approved by
the supervisor. Which of the following could
result?
The purpose of segregating the duties of hiring
personnel and distributing payroll checks is to
separate the
20-20
Identify whether each of the procedures is
primarily a test of control or a substantive test of
transactions.
Identify the transaction-related audit
objective(s)
of each of the procedures
21-17
Which of the following controls will most likely
justify a reduced assessed level of control risk for
the occurrence assertion for purchases of
inventory?
3. 21-18
When an auditor tests a client's cost accounting
records, the auditor's tests are primarily
designed
to determine that
21-19
Which of the following procedures is the auditor
least likely to perform on the actual date the
physical inventory count is observed?
21-20
For each of the preceding questions, state the
purpose of the internal control.
For each internal control, list a test of control to
test its effectiveness.
For each of the preceding questions, identify the
nature of the potential financial misstatement(s) if
the control is not in effect.
For each of the potential misstatements in part c,
4. list a substantive audit procedure to determine
whether a material misstatement exists
www.acct555entirecourse.com