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Category: Accounting

Describe deficiencies in Parts for Wheels’ online sales system that may lead to material misstatements in the financial statements.

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ASSIGNMENT Parts for Wheels, Inc., has historically sold auto parts directly to consumers through its retail stores. Due to competitive pressure, Parts for Wheels installed an Internet-based sales system that allows customers to place orders through the company’s website. The company hired an outside website design consultant to create the sales system because the company’s […]

Identify whether the control is an automated application control (AC) a manual control done by Gilman employees (MC), or a manual control with an automated component (MAC).

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TASK Following are 10 key internal controls in the payroll cycle for Gilman Stores, Inc. Key Controls1. To input hours worked, payroll accounting personnel input the employee’s identification number. The system does not allow input of hours worked for invalid employee numbers. 2. The system generates a listing by employee name of payments processed. Departmentheads […]

How might an auditor use technology to test the operating effectiveness of a bar code scanner–based check-out system?

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TASK Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases. Cashiers use the scanners to read bar code labels attached to each product, which the system then uses to obtain unit prices, calculate transaction totals, including sales taxes, and update perpetual inventory databases. Similarly, cashiers scan […]

Identify the deficiencies in internal control that can be determined from the flowchart.

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ASSIGNMENT Internal controls 1 through 5 were tested in prior audits. Evaluate each internal control independently and determine which controls must be tested in the current year’s audit of the December 31, 2019, financial statements. Be sure to explain why testing is or is not required in the current year. 1. The general ledger accounting […]

List the deficiencies in internal control for each of these situations. To identify the deficiencies, use the methodology that was discussed in this chapter.

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ASSIGNMENT Each of the following internal controls has been taken from a standard internal control questionnaire used by a CPA firm for assessing control risk in the payroll and personnel cycle. 1. Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee’s background, former employers, and references.2. […]

Discuss whether Collier’s approach is acceptable under existing auditing standards for either public or nonpublic companies.

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ASSIGNMENT Siva Kumar and Vera Collier are friends who are employed by different CPA firms. One day during lunch they are discussing the importance of internal control in determining the amount of audit evidence required for an engagement. Kumar expresses the view that internal control must be evaluated carefully in all companies, regardless of their […]

During the planning stage of an audit, the auditor initially assessed both inherent risk and control risk at a high level. Further testing of the client’s internal controls led the auditor to reduce the assessment of control risk. Which of the following will most likely occur as a result?

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ASSIGNMENT The following are general questions about assessing control risk, testing controls, and reporting on internal controls. Choose the best response. a. During the planning stage of an audit, the auditor initially assessed both inherent risk and control risk at a high level. Further testing of the client’s internal controls led the auditor to reduce […]

Which of the following is an example of an operation deficiency in internal control?

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ASSIGNMENT The following questions deal with deficiencies in internal control. Choose the best response. a. An internal control deficiency may be defined as a condition in which material mis- statements would ordinarily not be timely detected by(1) auditors in assisting control risk.(2) the controller reconciling the general ledger.(3) employees in normal course of assigned functions.(4) […]

What is the auditor’s responsibility for obtaining an under-standing of internal control? How does that responsibility differ for audits of public and nonpublic companies?

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ASSIGNMENT What is the auditor’s responsibility for obtaining an under-standing of internal control? How does that responsibility differ for audits of public and nonpublic companies? Jeanne Maier, CPA, believes that it is appropriate to obtain an under- standing of internal control about halfway through the audit, after she is familiar with the client’s operations and […]

Why are the financial statement audit findings relevant to the auditor’s opinion on the effectiveness of internal controls over financial reporting?

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TASK 1. Why are the financial statement audit findings relevant to the auditor’s opinion on theeffectiveness of internal controls over financial reporting? 2. Explain the difference in the requirements for reporting on the effectiveness of internalcontrols over financial reporting for integrated audits versus financial statement–only audits

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