Learning Activity 1 For each of the following controls, determine whether the control leaves an audit trail and identify a relevant audit procedure to test the control. Explain your answers. All mail is opened and cash is prelisted daily by the president's assistant who has no other responsibility for handling assets or recording accounting data. b. Vendor's invoices are approved by the controller after he examines the purchase order and receiving report attached to each invoice. а. As employees check in daily by using time clocks, a supervisor observes to make certain that no employee "punches in" more than one time card. С.
Learning Activity 1 For each of the following controls, determine whether the control leaves an audit trail and identify a relevant audit procedure to test the control. Explain your answers. All mail is opened and cash is prelisted daily by the president's assistant who has no other responsibility for handling assets or recording accounting data. b. Vendor's invoices are approved by the controller after he examines the purchase order and receiving report attached to each invoice. а. As employees check in daily by using time clocks, a supervisor observes to make certain that no employee "punches in" more than one time card. С.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter4: Journalizing And Posting Transactions
Section: Chapter Questions
Problem 1SEA
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For B only please.
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