The decision as to whether confirmations should be positive or negative, along with the specific number of accounts to be confirmed, was left to Mitchell's judgment, subject to the approval of Cline and Andrews. The total listed on the sales invoice should agree with the total on the sales invoice slip.
How do you prepare students for the workforce in your auditing class. Rogers reviews this information and sets a maximum credit figure. Exercises 1 Exhibit contains the questions that Mitchell is to answer concerning accounts receivable control procedures. This list of forms, records, and documents leading through the accounting system is often referred to as an audit trail.
They allow credit only if deserved. Is the subsidiary ledger ever tested by anyone else within the Lakeside organization. The Sales Division rechecks quantities and descriptions.
How do you verify credit approval. On a percentage commission based on their total sales. Rogers reviews this information and sets a maximum credit figure. The invoice goes directly from Rogers to the Sales Division. The average age of accounts receivable in the distributorship side of the company has increased to over 53 days, which means that the average account is currently overdue.
Because of her concern, Mitchell spent considerable time reviewing with Cline and Andrews the revenue and cash receipts cycle. Is the subsidiary ledger ever tested by anyone else within the Lakeside organization. Does anyone verify that the invoices are correct as to prices, goods, extensions, etc.
Her first conversation was with George Miller, assistant to the president. I contact the sales representative, who then puts pressure on the customer.
The Sales Division rechecks quantities and descriptions. What kind of homework do you assign over the course of the semester. Sales are a little slow for them right now, so their payments are sometimes delayed.
The stores that sell Cypress products are stocking up prior to Christmas. If payment is made, the company is considered a good credit risk. We may have been holding on to some accounts in hopes of collecting. That is, how competent is this type of evidence.
Indicate the degree of reliance the auditor should place on the data derived from these individual sources. I do, since I maintain the ledger, but in our company, all records are really open. In the latter part of October, Mitchell discussed her findings to date with Dan Cline and Wallace Andrews, audit partner and audit manager for the engagement.
Our Sales Department recalculates all discounts. Could a sale be made and the invoice get lost or just not be prepared so that the customer never gets billed. Refer to Exhibits and Can inventory possibly be shipped to a customer without prior credit approval.
If a customer complains that an invoice is incorrect, who is responsible for investigating the matter.
Students can work individually or on teams. She began testing the specific control policies and procedures by seeking information that would enable her to answer control questionnaires such as the one presented in Exhibit.
The Lakeside Company: Auditing Cases, 11th edition, has been updated in light of the accounting scandals of the early s and the passage of the Sarbanes-Oxley Act ofand the renewed interest in ethics within the accounting and auditing profession.
Ethics questions are now specifically.
Lakeside Company Case Templates. Click to download Lakeside Company Case Templates for the 10th edition of Lakeside Company: Case Studies in Auditing.
Click to. The cases in The Lakeside Company are intended to create a realistic view of how an auditor organizes and conducts an audit examination. These cases provide a simulation that permits learners to put the abstract and difficult concepts of auditing into practice/5(4).
Lakeside Company Case Studies in Auditing John M. Trussel J. Douglas Frazer Twelfth Edition The Lakeside Company: Auditing Cases TESTS OF CONTROLS: THE REVENUE AND CASH RECEIPTS CYCLE Carole Mitchell, a supervising senior auditor with the CPA firm of Abernethy and.
The cases in The Lakeside Company create a realistic view of auditing by putting the abstract concepts into practice. Features For undergraduate/graduate courses in auditing.
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