Answered: f reconciliation as a control is…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 28CYBK

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If reconciliation as a control is properly implemented at Company, Inc. it would detect all of the following errors, except;

A) Transactions at Company, Inc. were appropriately posted to individual subsidiary accounts but because of a computer malfunction, some of the transactions were not posted to the master account

B) Company, Inc. has experienced inventory shrinkage (theft) that has caused the perpetual inventory records to be overstated

C) Three shipments at Company, Inc were never invoiced because employees in the shipping room colluded with a shipper to deliver the goods to their own private companies for resale and they never recorded the shipments on any documents

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