Question: Mr. Khan working as an accountant presented a financial statement to the auditor at the end of the year. There is no supporting document for

Mr. Khan working as an accountant presented a financial statement to the auditor at the end of the year. There is no supporting document for petty cash disbursement. Some staff who are separated but still their names appear in the payroll and the attendance sheet is signed by the supervisor at site. He reported the case to the owner of the company and then they will investigate.

Based upon the scenario:

1. Design a proper audit investigation process that maybe done by an auditor in the company.

2. What recommendations can you provide to resolve the errors committed?

Step by Step Solution

★★★★★

3.41 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Answer 1 Proper audit investigation process for the following errors that may be done an auditor in ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Presented below are the computed amounts of ratios for the Village of Riverside example appearing in the chapter. a. Using the financial statements provided in Illustrations 2-5 through 2-11, compute...

You deposit the following at the end of each year into a growth mutual fund that earns 11 percent per year. Year Deposit 1 $4,000 2 3,500 3 2,500 4 2,000 5 1,700 $13,700 a. How much should the fund...

What payment made at the end of each year for 18 years will amount to $16 000 at 4.2% compounded monthly?

The Retained Earnings balance at the end of last year was $50,000. In June of this year, well after last years books were closed, it was found that a mistake had been made in computing depreciation...

hi. I'm stuck with a report whose Chic Paints Ltd. and I am finding difficulty to answer some questions such as the organisations accounting system requirements including hardware and software...

Write an engagement letter of no more than 1,050 words for a Section 404 audit of Apollo Shoes. Assume that Apollo Shoes is a publicly traded company for which the SEC requires an audit of internal...

Apollo case studies the question is on page 44 Apollo case studies the question is on page 44 Apollo case studies the question is on page 44 APOLLO SHOES, INC. An Audit Case to Accompany AUDITING AND...

Homework Question - Prepare an analysis of a casefrom Chapter 5, page # 121, '' A Wolf In Sheeps Clothing '' (no more than 2 or 3 pages, double spaced). And give an answer on following: - A summary...

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Required: Using the AREA framework, answer the following question: the following media coverage of Slater and Gordon?s financial performance and position is published and available on Blackboard...

Discuss about different type of variable resistors

In the Managerial Solution, would it make a difference to the analysis whether the lump-sum costs such as registration fees are collected annually or only once when the firm starts operation? How...

P10.21 For the system of Problem P10.20, design a phase lag compensator to yield the desired specifications, with the exception that a bandwidth B 2 rad s will be acceptable.

John Milton, When I consider how my light is spent 1. Choose the correct answer to complete the following sentence. In the first eight lines of the poem, the poets tone is a tone of . a. Acceptance...

Rolando Perez, Office at Night 1. This poem is a fine example of a. Allegory b. Exposition c. Ekphrasis d. Assonance Lucille Clifton, forgiving my father 2. Why is the f in the words forgiving and...

Anton invested \${72000) in a 3-year project that is expected to pay SX in year 1; $Y in year 2 and $Z in year 3. X, Y and Z are positive. The first cash flow is twice the size of the second and half...

Write a poetry on birthday wishes for Rohith Kumar (my best friend)

Mr. and Mrs. LePine are giving a gift to their new born child, Hayden, as a retirement gift to Hayden by saving $5000 today in a mutual fund that averages 8.4% compounded quarterly. This account is...

For this week's assignment, you will demonstrate your understanding of motivational theories and apply them to a realistic leadership scenario involving team dynamics and individual differences. To...

It is Snapchat A which is found in your course pack. You are to turn in an excel a) excel spreadsheet with formulas for calculations. The spreadsheet should show cash flow, WACC calculation, firm...

Md. Hasan Khan drives private car for the last 35 years, and his current salary is about Tk. 25,000 per month. He has three children and two of them are full time students. One daughter is married...

Azhar Ali Khan, an employee of Parsons Global Services, Ltd., was working for Parsons in the Phillipines. On one of his days off, when Parsons' offices were closed, Khan was kidnapped. He was later...

In a unit the operations for a particular section were withheld for a certain period. The section was doubling and twisting yarns as per market requirement. Due to the cut in production, about 25...