CPA Firm Accounting Assignment Help With Solution
Internal Control Procedures to Prevent and Detect Errors
A CPA firm uses an audit checklist to consider potential misstatements and identify controls which might prevent or detect such errors. The engagement supervisor has instructed the audit assistant to use this checklist to evaluate a client’s internal controls. For each of the following potential errors, identify one control procedure that would most likely be effective in preventing or detecting the problem and select the appropriate control procedure from the list provided (A-L). A control procedure may be selected once, more than once, or not at all.
A. Approved sales orders are required for goods to be released from the warehouse.
B. Monthly statements are mailed to all customers with outstanding balances.
C. Shipping clerks compare goods received from the warehouse with approved sales orders.
D. Customer orders are compared with the approved customer list.
E. Supervisors approve time cards.
F. The personnel department authorizes all new hires.
G. The personnel supervisor’s password is required to make rate changes.
H. Exit interviews are required by the personnel department, which forwards documents to payroll.
I. The vendor invoice, receiving report, and purchase order are matched before the voucher is approved for payment.
J. The voucher package and supporting documents are cancelled when checks are signed.
K. The purchasing department sends a “blind” copy of the purchase order (i.e., without the quantity) to the receiving clerk.
L. Total amounts posted to the accounts receivable ledger from remittance advices are compared with the validated bank deposit slip.
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Evidence of Errors and Financial Statement Assertions
The audit assistant collected the following evidence of errors during an audit. Identify the financial statement assertion affected by each error by selecting the appropriate option from the list provided below the table (A-E). An Assertion may be selected once, more than once, or not at all.
Five Financial Statement Assertions: (CoVER U)
Five Financial Statement Assertions: (CoVER U)
B. Valuation and allocation
D. Rights and obligations
E. Understandability and classification
Part III Professional Responsibilities
Jones & Associates, CPAs were recently hired to perform an audit of the financial statements of Heavy Metal Costruction, Inc. (HMC). Upon completion of the audit engagement, HMC’s Audit Committee identified the items below as discussion points for their upcoming meeting.
Please identify whether the selected item/event is a violation of the AICPA Code of Professional Conduct.
Part IV Audit Research
1. An Auditor may decide to make use of a specialist in obtaining sufficient appropriate audit evidence in certain circumstances that are material to the fair presentation of the financial statements. What guidance is provided by current auditing standards (check PCAOB website) regarding the types of matters that the auditor may decide require him or her to consider using the work of a specialist? Please identify the source and copy the appropriate paragraph at below.
2. Your client has suggested to you that his previous auditor did not confirm accounts receivable. Search the professional standards to determine whether there are any circumstances in which an auditor need not request the confirmation of accounts receivable. Select the appropriate paragraph (s) in AU330 and copy the contents at below.
Product Code :Acc13
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