Chapter 11

Sharonda Redfield Acct 4111 November 15, 2012 Chapter 11 1. The business enterprise and control of materials in the logistics process from the learnedness of young materials to the delivery of finished products to the end user. 3. Continually modify breeding on business risk Analyze possible motivations to misstate accounts in the acquisition and payment cycle coif preliminary analytical procedures to trammel if unexpected relationships exist in the accounts 5. Auditor comp ars client analytics to quondam(prenominal) client per tuneance, industry results, and auditors expectations 7. Pre-numbered requisition form completed and direct to purchasing 9. Promotes efficiency and effectiveness Eliminates latent favoritism Reduces the opportunity for fraud Centralizes control in iodin function 11. Purchasing department 13. Proper authorization Completeness of transcription Timeliness of recording Correctness of valuation 15. Under- record purchas e, magnify returns, or record to low the amount 17. The auditor should guess management is more likely to Understate rather than overdo expenses differentiate expenses as assets rather than vice versa 19. The auditors main concern is that Accounts collectable will be understated. Therefore, emphasis is placed on examination the completeness assertion 21.

Analytical procedures to find potential misstatements: aspire and analyze long horse and percentage change in origin, exist of goods sold, and expense accounts reason and analyze ratios like arsenal turnover and number of days gross revenue in inventory Prepare comm on sized income statement to identify cost o! f good sold or expense accounts that are discover of line 23. Variety (diversity) of items High volume of activity various (sometimes complex) valuation obstacle in identifying obsolete or defective inventory Many frauds embarrass the inventory account advantageously transportable making it subject to geminate counting may be stored at...If you want to get a serious essay, ready it on our website: BestEssayCheap.com

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