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ACCT 444 DeVry Week 5 Complete Work Latest
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ACCT 444 DeVry Week 5 Discussion 1
The Audit Program (graded)
Please review Case 13-35 (Gale Brewer, CPA) in your textbook. In this case, we are going to find weaknesses in the design of an audit program. What are the major def
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Please review Case 13-35 (Gale Brewer, CPA) in your textbook. In this case, we are going to find weaknesses in the design of an audit program. What are the major deficiencies in the audit, and why did they take place? Do you see any ethical issues with the auditor's behavior?"
ACCT 444 DeVry Week 5 Discussion 2
Audits of the Sales Cycle (graded)
Please review Case 14-33 (Meyers Pharmaceutical Company) in your textbook. This case requires us to document the controls over our client's sales process, to describe tests of controls, to do substantive tests, and finally, to design the audit program. What are the internal controls over sales for each of the six transaction-related audit objectives?
ACCT 444 DeVry Week 5 Homework Latest
Solve the following questions
Chapter 13: 13-26, 13-30, 13-33
Chapter 14: 14-25, 14-26
Name your document, and include your first and last initials of your name. For example, if your name is Jane Smith, the file name will be ACCT444_W1_HW.
Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments & Exams" for due date information.
ACCT 444 DeVry Week 5 Quiz Latest
1. Question : (TCO 6) Tests of controls may include which of the following types of evidence?
All of the above
Question 2. Question : (TCO 6) Which of the following is not a direct result of performing analytical procedures?
Identify areas of potential misstatements.
Reduce detailed audit risk.
Understand the client's business.
Identify specific errors in the accounts.
Question 3. Question : (TCO 6) Ending account balances may be audited through the use of which of the following types of audit procedures?
Tests of details of balances
Tests of controls
Both A and B are correct
Question 4. Question : (TCO 6) Which of the following represents an incorrect pairing of a type of audit test and evidence?
Procedures to obtain an understanding of internal controls—documentation
Analytical procedures—ratio analysis
Substantive tests of transactions—confirmation
Tests of details of balances—physical examination
Question 5. Question : (TCO 6) In the context of an audit of financial statements, substantive tests are audit procedures that
may be eliminated under certain conditions.
are designed to discover significant subsequent events.
may be either tests of transactions, tests of balances, or analytical tests.
will increase proportionately with the auditor's reliance on internal control.
Question 6. Question : (TCO 9) The use of prenumbered sales invoices is meant to prevent
the failure to bill or record sales.
duplicate billings and recording of sales.
both A and B are correct.
neither A nor B is correct.
Question 7. Question : (TCO 9) The auditor is concerned with authorization of sales transactions at three key points. Which of the following is not one of those points?
Shipment of inventory to customers
Sales commission calculation
Question 8. Question : (TCO 9) To achieve good internal control, which department should perform the activities of matching shipping documents with sales orders and preparing daily sales summaries?
Question 9. Question : (TCO 9) An auditor needs to determine whether all customers of an electric utility company are being billed. The auditor should test from the
sales register to the accounts receivable ledger.
sales register to the meter department records.
accounts receivable ledger to the sales ledger.
meter department records to the sales register.
Question 10. Question : (TCO 9) A key internal control in the sales and collection cycle is the separation of duties between cash handling and record keeping. The objective most directly associated with this control is to verify that
cash receipts recorded in the cash receipts journal are reasonable.
cash receipts are properly classified.
recorded cash receipts result from legitimate transactions.
existing cash receipts are recorded.knesses in the design of an audit program. What are the major deficiencies in the audit, and why did they take place? Do you see any ethical issues with the auditor's behavior?"
sales register to the meter department record