3 simple auditing questions Assignment Example | Topics and Well Written Essays - 250 words

3 simple auditing questions - Assignment ExampleJulia Granger has already completed locomote 1 through 4 and has registered the results of her work on audit schedules E-100, E-110, E-111, and E-112. Assume that the client performs the train activities identified in the flowcharts.A solution to the assignment is provided using schedules similar to the schedules provided to students on the pages that follow. Again, due to the infixed nature of some of the judgments alternative solutions could be considered equally acceptable. Note that the solution lists potential audit tests that could be performed. It is very unlikely that an auditor would decide to perform all these audit tests. Additionally, the solution does not steer whether the audit test should be performed on the entire population or a sample of the population.9) Transfers atomic number 18 appropriately authorized and the financial statements presentation including the disclosure of all investments conforms to the genera lly accepted accounting principles that argon consistently applied.The company purchases material from the vendors, the purchased material are inspected and counted and the prices compared to the purchase orders and a pre-numbered receiving describe is prepared. / After that the receiving report and the purchase order are issued.On the accounting side, the accountants receive the invoices from the vendors for the items purchased. All the materials that are not accounted for in terms of receiving report are transferred to the appropriate department for acknowledgment for the receipt.The vendors document are marched with the appropriate accounted document to allow for documentation in the purchase journal, vendor ledger, general ledger and the inventory files. The files are reviewed by the supervisor. All the reports such as the purchase order, receiving report and vendor invoices are documented by the