What are your key takeaways from the receivables audit? How critical is receivables to the business? Do you have any experience auditing or managing receivables in your personal life, company, or place of employment

Q: If you are going to audit the cash receipts cycle, what are the things you need to prepare?

A: Cash receipts cycle in the business means process or procedure which is being followed for receiving…

Q: ecutives would commit fraud and how understanding the motive for fraud can assist an auditor in the…

A: Corporate fraud refers to the illegal and unethical activities undertaken by an individual who is…

Q: Think about internal control over receivables collections. What task must be delegated to a…

A: Here is the answer :

Q: Business damages, as a result of financial fraud, directly impact the operations of any company.…

A: Fraud is an intentional act which is committed in order to defraud a group of people for the purpose…

Q: n auditor identify whether a consumer is abusing business regulations when it comes to cash…

A: Auditing is a thorough examination of books of accounts to ensure that they are free from material…

Q: ich of the following procedures would an auditor most likely perform to test trols relating to…

A: The given scenario relates with cash receipts. To check the authenticity of the transaction the…

Q: Describe how an employee might be able to steal cash from sale.

A: The theft by the employee takes place mostly in a small business where the management does not focus…

Q: From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from…

A: Internal sources of audit evidence include a company's documented processes, policy documents,…

Q: What specific skill and knowledge did you acquire in the identity theft unit (personal finance)

A: Finance is major in one's life because:- It gives an insight into the workings of all the aspects…

Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…

A: Illustrations of Money Laundering -  – Using the money received from doing criminal activities such…

Q: Why is it important to keep those business receipt/record

A: Any business in any form or in any industry that is doing commerce or trade will have receipts and…

Q: Discuss the importance of a company having proper insurance and bonding its employees.

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Consider internal control over receivables collections. What job must be withheld from a company’s…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: After preparing a bank reconciliation, what adjustments does the company need to make to its…

A:

Q: What is a critical element of internal control in the handling of receivables by a business? Explain…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the purpose of a bank confirmation and why are bank confirmations an important piece of…

A: The revenue cycle is defined as the accounting process by which a corporation keeps track of the…

Q: separate account for sales returns and allowances useful to management? If you owned a…

A:

Q: Briefly explain the ethical rules to be followed by an auditor in handling client’s money.

A: Introduction: The client money audit report focuses on the procedures and controls that a business…

Q: What category does inventory related fraud fall into?

A: Inventory fraud refers to the fraud related to the theft of the physical items of inventory as well…

Q: You've just completed an audit of receivables. What are your impressions of the findings? How…

A: Amounts of money in the bank: The term "cash equivalents" refers to current assets that can be…

Q: What is the importance of cash discounts to the client and howcan the auditor verify whether they…

A: The company needs to take measures that increase the profit of the product. Cash discount is one of…

Q: Why and how the accounting fraud happen in an company?

A: Company financial statements include balance sheets, income statement, cash flow statement . The…

Q: What is a primary control for determining the accuracy of a business’s record keeping?

A: In the era of computers, it is not that hard to determine the accuracy of record keeping, various…

Q: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

Q: Explain the impact of the fraud in business according to accounting information system.

A: AIS (Accounting Information System) defines fraud as an action that can affect many people within…

Q: In the corporate world what is the common risk of an auditor encountered in terms of accounts…

A: Accounts receivable forms a part of current assets of the company and is representative of the dues…

Q: present your insights into the Business Cash, Inventory and Receivables Audit Process

A: Audit is conducted by an independent auditor to examine whether the financial statements present a…

Q: avy Machinery   Finished goods inventory   Retained Earnings   Petty cash fund…

A: Audit refers to the physical examination or inspection of the books of accounts of the company in…

Q: All records in a file must be uniquely identifiable in at least one attribute, which is its primary…

A: The primary key is unique and cannot be the same in a table. It is a basis through which every…

Q: The following are five situations,

A: Six factors that determine the reliability of the evidence as follow: Independent external source:…

Q: When it comes to auditing, how can an auditor tell whether a customer is taking advantage of…

A: The product's profit must be increased. Thus the corporation must take steps to boost that profit.…

Q: Where do I find a businesses internal controls over cash receipts and cash payments?

A: Because cash is by far the most flexible of all assets, a business firm cannot survive or even…

Q: Allison Everhart, an employee in accounts payable, believes she can run a fictitious invoice through…

A: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or property…

Q: You are the auditor for Konerko’s Office Supply Store, which is opening for business next week. The…

A: Skimming means taking cash of a business before it is entered in the accounting system. In The…

Q: An accounting manager, who has full access to a Company’s accounting system also has access to the…

A: Internal control helps management to maintain and control the business operations so that business…

Q: Which one of the following would the auditor consider to be an incompatible operation if the cashier…

A: Incompatible Operation in Cash Receipts: The mailroom is using for receiving the checks and after…

Q: Who benefits from cash discounts, and how can an auditor verify that they are being given in line…

A: This question explains about the cash discounts, and an auditor verifying that they are being given…

Q: What audit procedures would you use to determine that the cash balances actually exist at the…

A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by…

Q: a) An entity has to maintain its records property so that the business can run efficiently and that…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Provide an appropriate response based on the following scenarios. Assume that the accounting…

A:

Q: The expense cycle offers employees many opportunities to commit fraud in processing cash purchases…

A: SOLUTION- THE REVIEW OF ACCOUNTING DOCUMENTS NORMALLY FINANCIAL  ACCOUNTS BY A THIRD PARTY CPA OR…

Q: Ensuring internal control over the collection of receivables Consider internal control over…

A: In order to prevent the cash frauds, the following jobs must be withheld from a company’s credit…

Q: If a consumer is taking advantage of business rules when it comes to cash discounts, how can an…

A: This question explains about the advantage of business rules when it comes to cash discounts

Q: How can you tell the difference between accounting mistakes and accounting fraud in financial…

A: This question tells about the difference between accounting mistakes and accounting fraud in…

Q: what are some forensic procedures to uncover the understatement of revenue for cash businesses?

A: This question asks about the forensic steps to bring forward the understatement of revenue,i.e.,…

Q: Which of the following would the auditor consider to be an incompatible operation if the cashier…

A: An auditor seems to be an individual who checks the authenticity of commercial transactions that…