following are three examples of controls for accounts that you

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following are three examples of controls for accounts that you have determined are significant for the audit of icfr. for each control, determine the nature, timing, and extent of testing of the design and operating effectiveness. refer to exhibit 7–2 for a way to format your answer. control 1. monthly manual reconciliation: through discussions with company personnel and review of company documentation, you find that company personnel reconcile the accounts receivable subsidiary ledger to the general ledger on a monthly basis. to determine whether misstatements in accounts receivable (existence, valuation, and completeness) would be detected on a timely basis, you decide to test the control provided by the monthly reconciliation process. control 2. daily manual preventive control: through discussions with company personnel, you learn that company personnel make a cash disbursement only after they have matched the vendor invoice to the receiver and purchase order. to determine whether misstatements in cash (existence) and accounts payable (existence, valuation, and completeness) would be prevented on a timely basis, you decide to test the control over making a cash disbursement only after matching the invoice with the receiver and purchase. control 3. programmed preventive control and weekly information technology–dependent manual detective control: through discussions with company personnel, you learn that the company’s computer system performs a three-way match of the receiving report, purchase order, and invoice. if there are any exceptions, the system produces a list of unmatched items that employees review and follow up on weekly. the computer match is a programmed application control, and the review and follow-up of the unmatched items report is a manual detective control. to determine whether misstatements in cash (existence) and accounts payable–inventory (existence, valuation, and completeness) would be prevented or detected on a timely basis, you decide to test the programmed application control of matching the receiver, purchase order, and invoice, as well as the review and follow-up control over unmatched items.
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