Question: What assertion is affected if duplicate payments are made from
What assertion is affected if duplicate payments are made from the same supporting documents? How can this type of error be prevented?
Answer to relevant QuestionsWhere could an auditor look to find evidence of losses on purchase commitments? On unrecorded liabilities to suppliers?What key items on the continuity schedule would be vouched to supporting documentation? What are some controls that might prevent the embezzling of cash by creation of fictitious supplier invoices? Describe the purpose of and give examples of audit procedures in the search for unrecorded liabilities.Two “automatic transactions” can be produced in a computerized accounting system: (1) Cheque printing and signature and (2) Purchase order at a preprogrammed stock reorder point. Required: Assume management is ...
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