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ACC 492 - Week 2 - Complete

ACC 492 - Week 2 - Complete
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  • ACC 492 - Week 2 - DQ 1.doc
    ACC 492 - Week 2 - DQ 2.doc
    ACC 492 - Week 2 - DQ 3.doc
    ACC 492 - Week 2 - Apollo Shoe Case Assignment.doc
    ACC 492 - Week 2 - Assignments from the Text.doc
    ACC 492 - Week 2 - Summary.doc
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ACC 492 - Week 2 - Complete

DQ1.How might a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?

DQ2.Many companies use the computer to generate purchase orders. Who is responsible for authorizing a purchase when the computer generates the purchase order? How does the responsible individual ensure that computer-generated orders are correct and are generated only for purchases that should be made? Explain how an automated matching process works with the processing and payment of accounts payable. What controls need to be implemented in the automated matching process to ensure that only authorized payments are made for goods and services actually received, and that payments are made at the authorized prices?

 

DQ3.Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the tone at the top for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Provide an example of how analytical procedures might be used in the audit of such accounts.

 

Individual Assignment - Assignments From the Text Resource Modern Auditing

Prepare written answers to the following assignments:

• Comprehensive Questions 16-33: Control Activities in Payroll Processing

• Comprehensive Questions 16-35: Potential Misstatements/Tests of Controls – Payroll

 

Learning Team Deliverable   Learning Team Charter Resource: Learning Team Toolkit

Complete the Learning Team Charter Submit the Charter to the Assignments Link

Learning Team Assignment - Apollo Shoe Case Assignment

Resource: Apollo Shoe Case link in Week Two on the Materials page

Complete the following audit sections:

• Revenue and Expenses

O Before completing this section, review the material in the Planning section with emphasis on the Trial balances and Apollo Shoes Minutes; and the Accounts Receivable section with emphasis on the Audit of Accounts Receivable – confirmations.

• Payroll

O Before completing this section, review the material in the Planning section.

Weekly Summary

Post a short summary of what you have learned this week.