Bradmark’s sales and cash receipts procedures. Sales Department Customer orders are received by mail or fax in the sales department. One of the sales staff accesses the customer record and reviews the available credit before creating a Sales Invoice record. For customers with insufficient available credit‚ the clerk submits the order to the credit manager for approval. If granted‚ the credit manager
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Audit Objective(s) | C. Substantive Test | Substantive Test of Transactions | Accuracy | N/A | Substantive Test of Transactions | Posting and summarization | N?A | Test of Control | Accuracy | Compare unit selling prices on duplicate sales invoices to the approved price list. | Test of Control | Classification | Examine a sample of sales transactions to determine if each one is correctly classified in the sales journal. | Substantive Test of Transactions | Completeness‚ Accuracy‚ Timing
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sample of sales invoices and trace to the shipping document agreeing name and quantity. Preparation Question: What is an audit procedure? B. What sample size to select for a given procedure. C. Which items to select from the population. D. When to perform the procedures (timing). III. Audit Program Preparation Question: What is an audit program? IV. Persuasiveness of evidence Which audit procedures: A. Appropriateness 1. Relevance Example: Trace from sales invoices in the Sales Journal
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Packing Slip details to Simon Lee Team distribute the same to FORD 6. AR Invoices (Recievables) Based on the Shipment generated above‚ system will perform Auto Invoices to generate the Customer Invoices in our receivables modules But we are not sending this invoices to FORD (This is for internally purpose only) 7. AP Invoices (Payables) Based on the materials entered from step 4 (receipts) Vendor will send us the Invoices to be entered in AP 8. AP Payments (Payables) The Vendor Payments
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Samples: Garment is not marked or mutilated . 2. Mutilated Samples: Garment is stamped “SAMPLE” on the outside or the garment has been cut/torn. 1. NON-MUTILATED GARMENT SAMPLES The invoice must include a complete description of the garment (see “Invoice Descriptions for Apparel” in this section). Generic invoice descriptions (e.g.‚ ladies garment‚ mock-up‚ men’s apparel) are NOT ACCEPTABLE. Visas must be obtained where necessary 2. MUTILATED GARMENT SAMPLES In order for items to be admitted
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Accounts and Classes of transactions in the Acquisition and Payment Cycle. The objective is to evaluate whether the accounts affected by acquisitions of goods and services and cash disbursement for those that are fairly presented in accordance with accounting standards. There are 3 classes of transactions included in the cycle: 1. Acquisitions of goods and services 2. Cash disbursements 3. Purchase returns and allowances and discounts There are 10 accounts involved in the acquisition and payment
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TEST OF CONTROLS – REVENUE TRANSACTIONS |Audit Objective |Audit procedure |Findings | |General | | | |Validity |Observe
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Revenue Cycle Introduction As an external auditor who audits the financial statements of Fraser & Neave Holdings Berhad‚ he has to ensure the Fraser & Neave’s financial statement reflects true and fair view accordance with approved accounting standards. To access the accounting system and internal controls starting point is Revenue Cycle. Sales cycle is the process businesses use to describe the financial progression of company’s accounts receivables from the beginning which the company
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CHAPTER I INTRODUCTION Dominating the highways and streets nowadays as the commuter’s means of land transportation are motorcycles. From personal mobility to business and industry usage‚ motorcycles are widely used because of their affordability in both acquisition and maintenance added with ease of use and convenience compared to other vehicles. With the escalating prices of gasoline‚ motorcycles are becoming the ideal means of transportation for many. Because of this‚ motorcycle dealership
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Requesting department Requesting department is the department that requires the goods or services i.e. It can be any department in the company. E.g. materials by production foreman‚ office equipment by accounting department‚ repairs by office personnel The person requesting the goods or services will usually complete a purchase requisition for approval of authorise personnel. Authorise personnel is usually the manager of the department. Manager of the requesting department checks that goods and
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