Question

Taylor, a PA, has been engaged to audit the financial statements of University Books Incorporated. University Books maintains a large, revolving cash fund exclusively for the purpose of buying used books from students for cash. The cash fund is active all year because the nearby university offers a large variety of courses with varying start and completion dates throughout the year.
Receipts are prepared for each purchase. Reimbursement vouchers are periodically submitted to replenish the fund.

Required:
Construct an internal control questionnaire to be used in evaluating the system of internal control over University Books’ use of the revolving cash fund to buy back books. The internal control questionnaire should elicit a yes or no response to each question. Do not discuss the internal controls over books that are purchased.



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  • CreatedJanuary 09, 2015
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