Moses San Miguel

* Documents used: customer order, sales order, shipping document, sales invoice, sales journal, remittance advice, bank deposit list, cash receipts jornal, credit memo, sales return and allowance journal, uncollectable account authorization form, a/r master file, a/r trail balance, monthly statement

Also he may conduct bank reconciliations on pertinent accounts to make sure no discrepancies or misstatements are found. The auditor should also perform vertical and horizontal analysis for the income statements and balance sheets by the use of ratios.

Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.

Antonio Lopez de Santa Anna was born in Jalapa, Veracruz Mexico, on February 21, 1794. He belongs to a “criollo” middle class family. His parents were from Spain. He was a Mexican politician and military leader who was President of Mexico eleven times from 1833 to 1855. He was president officially six times, and unofficially five more. He was also a disastrous president of Mexico because he lost Texas and much more of the current American west in the United States. However, by far he was an important figure of his generation in the Mexican history. Many people love him during his first years of president, and he was remembered for two major conflicts, the Battle of the Alamo in 1836 during the Texas Revolution, and as a restored Mexican leader during the Mexican-American War in 1847 (tshaonline.org).

Notes receivable represent claims for which formal instruments of credit are issued as evidence of debt. A credit instrument

|Develop Audit programs for the substantive audit procedures for the balance sheet and income statement |35 |

The interview with Colin Smith, from Office Products Depot, meant I was able to identify the accounts receivable subsystem they used and their accounts receivable management. I focussed on their policies for the offering and checking of credit, managing credit levels, charging the credit customers, receiving payment from credit customers and the general management of credit customers. I will be using the information from the interview with Colin as well as information from fictitious accounts receivable to explain their policies.

Trace items returned to the receiving report, taking note of quantity and date received (S‑4).

There are uncertainties in whether a receivable is sold or being used as a collateral for a loan. Thus, FASB has provided guidelines to distinguish between the two. FASB ASC 860-10-40-3 states that a financial asset should be considered sold and therefore should be derecognized if it is transferred and control is surrendered. Moreover, when control over the receivables is not surrendered, the transaction should be treated as a collateralized borrowing. FASB ASC 860-10-40 on the subject of conditions for a sale of financial assets states that a financial asset should be considered sold if it is transferred and control is surrendered. Control is deemed to be

Robert Moses was the creator of New York City, Long Island, and Westchester County, NY throughout the 1 1930s and 1950s. He had transformed neighborhoods into shorelines and highways/roadways. He was very successful and changed NYC forever. However, some believed that he had removed lower-class residents from their homes to benefit the rich. I believe that he had helped the people of the future by making their life easier and untroublesome. But he was also very inconsiderate with the people who he had displaced to create a better future for the working society today. He had ignored the people of New York City, who had made the city up. Streets, playgrounds, and pools do not make a city, but the people who live within it do. Michael Powell

The auditor’s responsibility is not to evaluate a client’s business model but to have a sufficient understanding of the entity. An auditor needs a sound and comprehensive understanding of the client’s business and industry to develop valid expectations about financial-statement assertions.

Require officers who have borrowed money from the company to repay the amounts owed at December 31. This would convert into cash the “notes receivable from officers,” which now appear in the balance sheet as noncurrent assets. The loans could be renewed immediately after year-end.

d. Trace the date, check number, and amount of outstanding item – Occurrence & Completeness. (AU-C 315.A114 a.i-ii)

The purpose of an audit is to enhance of confidence in the financial statements. An auditors opinion validates this purpose.

When engaged in auditing a public firm, such as Apollo Shoe Inc., an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather a substantial fraction of the audit because this unique segment employs a multitude of documentation and records ranging anywhere from customer and sales orders, shipping documents, credit memos, and general journal entries; therefore, a working