You have been assigned the task of understanding the client’s purchasing habits, including their use of authorized vendors and payment time frames, and you must use IDEA to gather this information.

Required:

a. Determine the total dollar amount ordered from each vendor. What companies are the three largest vendors by dollar amount? How vvould this information assist an auditor in planning the audit?

b. Determine what products are ordered most of ten. What item is ordered most of ten? How might this information affect the audit?

c. Determine the accounts payable amount for each vendor as of March 31. What companies have the three largest accounts payable balances? How would this information assist an auditor in planning the audit?

d. Were any orders made to vendors not on the approved vendor list? How would this information assist an auditor in planning the audit?

e. Were there any discounts available that were not taken? Why is this important?

f. Were there any vendors paid late? Why is this important?

g. Were there any items that did not pass inspection? Why is this information important to the auditor?

Answer rating: 100% (QA)

aThe three largest vendors by dollar amount are ABC Corporation XYZ Corporation and123 Corporation T... View the full answer