22.05.2017 Views

ACCT 555 DeVry Week 7 Homework

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> <strong>Week</strong> 7 <strong>Homework</strong><br />

Downloading is very simple, you can download this Course here:<br />

http://mindsblow.us/question_des/<strong>ACCT</strong><strong>555</strong><strong>DeVry</strong><strong>Week</strong>7<strong>Homework</strong>/4286<br />

Or<br />

Contact us at:<br />

help@mindblows.us<br />

<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> <strong>Week</strong> 7 <strong>Homework</strong><br />

<strong>ACCT</strong><strong>555</strong><br />

<strong>ACCT</strong> <strong>555</strong> <strong>DeVry</strong> <strong>Week</strong> 7 <strong>Homework</strong><br />

20-17<br />

a. A factory foreman at Steblecki Corporation discharged an hourly worker but did not notify the human resources<br />

department. The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the<br />

checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure<br />

for preventing this activity is to<br />

An auditor found that employee time records in one department are not properly approved by the supervisor. Which of<br />

the following could result?<br />

The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the<br />

20-20<br />

· Identify whether each of the procedures is primarily a test of control or a substantive test of transactions.<br />

· Identify the transaction-related audit objective(s) of each of the procedures.<br />

21-17<br />

Which of the following controls will most likely justify a reduced assessed level of control risk for the occurrence<br />

assertion for purchases of inventory?<br />

21-18<br />

When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that<br />

21-19<br />

Which of the following procedures is the auditor least likely to perform on the actual date the physical inventory count<br />

is observed?<br />

21-20<br />

For each of the preceding questions, state the purpose of the internal control.<br />

For each internal control, list a test of control to test its effectiveness.<br />

For each of the preceding questions, identify the nature of the potential financial misstatement(s) if the control is not in<br />

effect.<br />

For each of the potential misstatements in part c, list a substantive audit procedure to determine whether a material<br />

misstatement exists

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!