/* nursingwritersbureau.com theme functions */ /* nursingwritersbureau.com theme functions */ {"id":77932,"date":"2023-04-02T09:27:59","date_gmt":"2023-04-02T09:27:59","guid":{"rendered":"https:\/\/nursingwritersbureau.com\/?p=77932"},"modified":"2023-04-02T09:27:59","modified_gmt":"2023-04-02T09:27:59","slug":"determining-audit-tests-over-cash-and-receivables","status":"publish","type":"post","link":"https:\/\/nursingwritersbureau.com\/determining-audit-tests-over-cash-and-receivables\/","title":{"rendered":"determining audit tests over cash and receivables"},"content":{"rendered":"<\/p>\n
1<\/strong>. Henry\u00e2\u20ac\u2122s Mills is responsible for preparing checks, recording cash disbursement, and preparing bank reconciliations for signet Corporation. While reconciling the October bank statement, Mills noticed that several checks would never be presented for payments, Mills prepared a check for $937 payable to himself, forged the treasurer\u00e2\u20ac\u2122s signature, and cashed the checked. Mills made no entry in the accounts for this disbursement and attempted to conceal the theft by destroying the forged check and omitting the long- outstanding checks from subsequent bank reconciliations.<\/p>\n 2<\/strong>. Following are typical questions that might appear on an internal control questionnaire for investment in marketable securities.<\/p>\n Is custody of investments securities maintained by an employee who does not maintain the detailed records of the securities?<\/p>\n Are securities registered in the company name?<\/p>\n Are investment activities reviewed by an investment committee of the board of directors?<\/p>\n 3.<\/strong> Adapted AICPA Task \u00e2\u20ac\u201c Based Simulation <\/p>\n You are involved with the audit of Jelco Company for year 1 and have been asked to consider the confirmation reply results indicated below. For each confirmation reply as to the proper action to be taken from the following possible actions;<\/p>\n Exception; propose an adjustment.<\/p>\n Send a second confirmation request to the costumer.<\/p>\n Examine shipping documents and\/or subsequent cash receipts.<\/p>\n Verify whether the additional invoices noted on the confirmation reply pertain to the year under audit or the subsequent year.<\/p>\n Not an exception, no further audit work is necessary.<\/p>\n Costumer Reply (and any audit action take) Proper Action<\/strong> <\/p>\n a. We mailed the checked for this on December 31.<\/p>\n b. We returned those goods on December 2.\u00e2\u20ac\u2122 You have<\/p>\n been able to determine that the goods were received by<\/p>\n the client on December 29, butnot recorded<\/p>\n until January 2.<\/p>\n c. We also owe for two invoices for purchases we made around<\/p>\n Year-end, I\u00e2\u20ac\u2122m not of the exact date.<\/p>\n d. We are very satisfied with Jelco and plan to purchase from them<\/p>\n in the future.<\/p>\n e. While that\u00e2\u20ac\u2122s what we owe, we didn\u00e2\u20ac\u2122t owe it on December 31 since we didn\u00e2\u20ac\u2122t receive the goods until January 2 of year 2.<\/p>\n f. You receive no reply to a negative confirmation request<\/p>\n to Adams Co.<\/p>\n g. You received no reply to a positive confirmation request to Blake Co.<\/p>\n Subsequently you recalled that Blake Co. has a policy of not responding<\/p>\n to confirmation-in a writing or orally.<\/p>\n <\/p>\n add referen<\/u>ce<\/p><\/p>\n \n 1. Henry\u00e2\u20ac\u2122s Mills is responsible for preparing checks, recording cash disbursement, and preparing bank reconciliations for signet Corporation. While reconciling the October bank statement, Mills noticed that several checks would never be presented for payments, Mills prepared a check for $937 payable to himself, forged the treasurer\u00e2\u20ac\u2122s signature, and cashed the checked. Mills made no […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[]},"categories":[1],"tags":[],"yoast_head":"\n\n
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