Acc 491

1271 Words Dec 18th, 2012 6 Pages
Ch. 8: Comprehensive Questions: Analytical procedures ( 8-15 and 8-16)
 Ch. 10: Comprehensive Questions: Components of internal control (10-31 and 10-32)
 Ch. 11: Comprehensive Questions: Assessing control risk
(11-21)

8-15 | (Analytical procedures) In audit planning the audit of Construction Industry Resources, Inc., a building supply company. You have completed analytic procedures relevant to purchases and inventory. The results of these procedures are included in Figure 8.13.Figure 8.13. Selected Financial Information ($000) | X1 | X2 | X3 | X4 | X5 | Building supply revenues | $ 90,100 | $ 99,380 | $ 117,468 | $ 137,085 | $ 160,800 | Lumber brokerage revenues | $ — | $ — | $ 45,021 | $ 63,480 | $ 90,141 |
…show more content…
Control activity 9. Suntron 's internal audit staff periodically assesses the effectiveness of various ICS components. Monitoring 10. Policy manuals, accounting and financial reporting manuals, and a chart of accounts have been developed and implemented. Information and communication
Required
11. Identify the components of internal control to which each policy or procedure relates. 12. For each item, identify one other policy or procedure for that internal control component that is not on the preceding list. * 10-32
(Components of internal control) Internal controls can be categorized using the following framework. 13. Control environment 14. Risk assessment 15. Information and communication 16. Control activities 4.1. | Authorization | 4.2. | Segregation of duties | 4.3. | Information processing controls 4.3.1. | Computer general controls | 4.3.2. | Computer application controls | 4.3.3. | Controls over the financial reporting process | | 4.4. | Physical controls | 4.5. | Performance reviews | 4.6. | Controls over management discretion in financial reporting | 17. Monitoring 18. Antifraud programs and controls
Following is a list of controls prescribed by Waterfront, Inc. 1. Management has established a code of conduct that includes rules regarding

More about Acc 491

Open Document