For C only please. Learning Activity 1For each of the following controls, determine whether the control leaves an audittrail and identify a relevant audit procedure to test the control. Explain youranswers.All mail is opened and cash is prelisted daily by the president's assistant whohas no other responsibility for handling assets or recording accounting data.b. Vendor's invoices are approved by the controller after he examines thepurchase order and receiving report attached to each invoice.а.As employees check in daily by using time clocks, a supervisor observes tomake certain that no employee "punches in" more than one time card.С.

Audit trial is a method in which the details of the accounting transactions can be found out easily.

Answered: trail and identify a relevant audit…

Business

Accounting

trail and identify a relevant audit procedure to test the control.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7A: Internal Controls

Section: Chapter Questions

Problem 2SEB

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Evaluating internal control over cash receipts Dogtopia sells pet supplies and food and handles all sales with a cash register. The cash register displays the amount of the sale. It also shows the cash received and any change returned to the customer. The register also produces a customer receipt but keeps no internal record of the transactions. At the end of the day, the clerk counts the cash in the register and gives it to the cashier for deposit in the company bank account. Requirements Identify the internal control weakness over cash receipts. What could you do to correct the weakness?
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Required:Match each of the control procedures listed below with the most closely related control procedurestype. Your answer should pair each of the numbers 1 through 10 with the appropriate letter.Control Procedure Typesa. Adequate documents and recordsb. Checks on recorded amountsc. Clearly defined authority and responsibilityd. Safeguards over assets and recordse. Segregation of dutiesControl Procedures1. Only the cashier assigned to the cash register is allowed to perform transactions.2. Division managers are evaluated annually on the basis of their division’s profitability.3. Invoices received from outside suppliers are filed with purchase orders.4. Employees with access to the accounting records are not permitted to open the mailbecause it contains many payments by check from customers.5. The extent of access to the many segments of the company’s computer system is tightly controlledby individual identification cards and passwords that change at regular intervals.6. Each shipment…
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q1. M&S CPA Firm identify the below control transactions relate to the integrated audit of XYZ Company "All computers have identification plates that are listed in a control account." determine which cycle the control most likely relates to. Select one: а. Payroll and Personnel Cycle b. Expenditure Cycle c. Property Plant and Equipment Cycle d. Revenue Cycle
Consider each situation separately Identify the missing internal control procedure from these characteristics •Assignment of responsibilities •Separation of duties •Audits Electronic devices ⚫ Other controls (specify) (Click the icon to view the situations.) (Leave the "Reason for "Other" control column blank if "Other controls" is not selected for the "Internal Control Procedure" co a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and Thursday nights To reduce expenses, the business decides not to use a ticket taker on those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold c. The same trusted employee has served as cashier for 12 years d. When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees…
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You are part of the audit team that is auditing Hillsburg Hardware Co. and you have been assigned to the sales and collection business process. You are testing whether the cash received has been recorded in the cash receipts journal. (completeness objective/assertion). List two tests of controls and at least one test of transactions that you would do to satisfy yourself regarding the completeness assertion. attachments
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ect the control objective being tested by placing the correct letter in the blank. A. ExistenceB. CompletenessC. AuthorizationD. AccuracyE. ClassificationF. Accounting and postingG. Proper period_______ 1. For a sample of recorded cash receipts, the auditors compared the date of receipt to the recording date._______ 2. The auditors traced a sample of daily cash reports to the cash receipts journal._______ 3. The auditors vouched a sample of recorded cash receipts to the deposits in the bank statement._______ 4. The auditors recalculate the cash listed on the daily deposit for a sample of recorded cash receipts._______ 5. The auditors traced a sample of recorded cash receipts to postings in the correct customers' accounts.
> Exercises E8-12 Understanding the Sarbanes-Oxley Act and identifying internal c strengths and weaknesses The following situations suggest a strength or a weakness in internal control. a. Top managers delegate all internal control procedures to the accounting department. E8-14 Learning Objective 1 b. Accounting department staff (or the bookkeeper) orders merchandise and approves invoices for payment. c. Cash received over the counter is controlled by the sales clerk, who rings up th sale and places the cash in the register. The sales clerk matches the total recorded by the register to each day's cash sales. d. The employee who signs checks need not examine the payment packet because be is confident the amounts are correct. ES Requirements 1. Define internal control. 2. The system of internal control must be tested by external auditors. What law or rule requires this testing? 3. Identify each item in the list above as either a strength or a weakness in internal control, and give your…