This problem requires the use of ACL software, use the Metaphor_AR_2002 file in ACL_Demo (in the Tables folder). The suggested command or other source of information needed to solve the problem requirement is included at the end of each question.
a. Determine the total number and amount of September 2002 transactions in the file (Filter, Count, and Total Field). What audit tests would you conduct with this information? What audit assertions are associated with the audit test?
b. Determine and print the total amount for each of the five types of 2002 transactions for comparison with the general ledger (Summarize). (AA = adjustment, CN = credit note, IN = invoice, PM = payments, TR = transfers) Which transaction type has the highest count?
How would you use this information during the audit process?
c. For sales invoices (IN), determine the number of transactions, total amount, largest amount, and average size (Filter and Statistics). Why would the auditor be interested in the size of the largest sale?
d. Determine the difference in the number of days between the invoice date (DATE1) and the due date (DUE) for sales invoices (IN), and evaluate the impact upon internal controls (Computed Field).
e. To better decide the sales invoices to select for testing, you decide to stratify 2002 sales invoices (IN) after excluding all invoices less than $300. Print the output (Filter and Stratify). On the basis of your results, assess whether $300 is a reasonable stratification level.