Chapter 11

Sharonda Redfield Acct 4111 November 15, 2012 Chapter 11 1. The link up and control of materials in the logistics process from the erudition of young materials to the delivery of finished products to the end user. 3. Continually update breeding on business risk Analyze potence motivations to misstate accounts in the acquisition and payment cycle put to death preliminary analytical procedures to trammel if unexpected relationships exist in the accounts 5. Auditor comp ars client analytics to quondam(prenominal) client per earnance, industry results, and auditors expectations 7. Pre-numbered requisition form completed and direct to purchasing 9. Promotes efficiency and effectiveness Eliminates say-so favoritism Reduces the opportunity for fraud Centralizes control in sweep through function 11. Purchasing department 13. Proper authorization Completeness of written text Timeliness of recording Correctness of valuation 15. Under- record purchase , magnify returns, or record to low the amount 17. The auditor should lot management is more likely to Understate rather than overstate expenses differentiate expenses as assets rather than vice versa 19. The auditors main concern is that Accounts collectable will be understated. Therefore, emphasis is placed on examination the completeness assertion 21.

Analytical procedures to find potential misstatements: project and analyze long horse and percentage change in store, live of goods sold, and expense accounts reason and analyze ratios like line turnover and number of days gross revenue in inventory P repare common sized income statement to iden! tify cost of good sold or expense accounts that are step forward of line 23. Variety (diversity) of items High volume of activity various(a) (sometimes complex) valuation obstacle in identifying obsolete or wrong inventory Many frauds embarrass the inventory account slowly transportable making it subject to geminate counting may be stored at...If you want to get a serious essay, ramble it on our website: OrderCustomPaper.com

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