SAT-SEM 2
18-27
A. 2531,2528,2527,2530

JUNE 30 A/P 11,687.99 INVENTORY 11,687.99

INVENTORY 6935.74 A/P 6935.74

JULY 1 INVENTORY 11,687.99 A/P 11,687.99

A/P 6,935.74 INVENTORY 6,935.74
B. BY THE INVOICES AND STMTS.
C. COMPARE INVOICE WITH STMTS
D. FKAFL

18-29
1.
A. A/R MGR APPROVES/INITIALS ALL URCHASES
B. OCCURRENCE
C. APPROVAL ON ALL PURCHASE ORDERS
2.
A. PRENUMBERED PURCHASE ORDERS
B. COMPLETENESS-
C. SEQUENCE OF P.O
3.
A. PRENUMBER REC REPORT
B. COMPLETENESS
C. EXISTENCE
4.
A. PASSWORD PROTECTION
B. ACCURACY
C. OBSERVATION

5.
A. MONTHLY INVENTORY IS COUNTED
B. ACCURACY
C. VERIFICATION
6.
A. COMPARE REC’D INVOICE WITH P.O
B. OCCURRENCE
C. FOR ACCURACY CHECK THE REPORTS
7.
A. CK SIGNATURES
B. OCCURRENCE
C. VERIFICATION
8.
A. SHIPPING MGR CONTROLS WAREHOUSE
B. OCCURRENCE
C. CONTROLS THE ACTIVITIES
9.
A. CONTROLLER COMPLETES BANK REC
B. COMPLETENESS
C. ACCURACY

10.
A. REC’D GOODS ARE COUNTED
B. ACCURACY
C. INTERNAL VERIFICATION

19-24
A. VERIFY BEGINNING BALANCE TO FIXED ASSET MASTER FILE REPORT AUDITED ENDING BALANCE FROM PRIOR YEAR
B. VALIDATE VENDOR INVOICES TO ACQUISITIONS, VALIDATE RECEIVING REPORTS TO VENDOR INVOICES AND/OR PHYSICALLY EXAMINE ASSETS.
C. CLIENT’S SCHEDULE OF RECORDED DISPOSALS – DATE, WHEN THE ASSET WAS DISPOSED, NAME OF THE PERSON OR FIRM ACQUIRING THE ASSETS, SELLING PRICE, ORIGINAL COST, ACQUISITION DATE AND ACCUMULATED DEPRECIATION.

D. ASSETS AS LISTED IN MASTER FILE AGREES WITH GENERAL LEDGER. EXAMINE THE RECONCILIATION OF THE FIXED ASSETS ROLL FORWARD REPORT TO THE GENERAL LEDGER
E. 1. DEPRECIATION EXPENSE AND ACCUMULATED DEPRECIATION
2. GAIN OR LOSS ON DISPOSAL OF ASSET, ACCUMULATED DEPRECIATION.

20-19
1. A) OCCURRENCE
B) EXAMINE DOCUMENTS FOR PROPER AUTHORIZATION AND ADJUSTED RATES OF PAY
C) THE POSSIBLE OVERSTATEMENT OR UNDERSTATEMENT OF PAY RATES FOR EMPLOYEES
D) REVIEW PAYROLL LIST FOR ABNORMAL CHANGES IN RATES OF PAY

2. A) ACCURACY AND OCCURRENCE
B) EXAMINE TIME CARDS
C) THE POSSIBLE OVERSTATEMENT OR UNDERSTATEMENT OF PAYROLL EXPENSES AND EMPLOYEE BENEFITS
D) REVIEW TIME CARDS

3. A) OCCURRENCE
B) EXAMINE TIME CARDS FOR APPROVAL FROM PROPER AUTHORITY
C) THE POSSIBLE OVERSTATEMENT OR UNDERSTATEMENT OF PAY RATES FOR EMPLOYEES
D) REVIEW PROCEDURE OF SEPARATION OF DUTIES AND VERIFY PROPER INITIALS ON TIME CARDS

4. A) ACCURACY
B) EXAMINE TIME CARDS, PAY RATES, AND POLICIES FOR OVERTIME
C) THE POSSIBLE MISSTATEMENT OF RATES, UNAPPROVED USE OF OVERTIME, AND LACK OF VERIFICATION
D) EXAMINE PAY RATES, RECOMPUTE GROSS PAY

5. A) OCCURRENCE AND CLASSIFICATION
B) ADEQUATE HUMAN RESOURCES FILES ARE MAINTAINED AND ACCOUNT CLASSIFICATIONS ARE INTERNALLY VERIFIED
C) OVERSTATED OR MISSTATED EMPLOYEE RECORDS SUCH AS PAY RATES
D) REVIEW RECORDS FOR EACH DEPARTMENT FOR PROPER LISTINGS

6. A) OCCURRENCE AND COMPLETENESS
B) SEPARATION OF DUTIES, DISBURSEMENTS ARE AUTHORIZED AND HANDLED ACCORDINGLY
C) INFORMATION IS COULD BE OVERSTATED OR UNDERSTATED, NOT MATCH MASTER FILE RECORDS
D) REVIEW OF COMPANY PROCEDURES, ACCOUNTING PRINCIPLES, AND REVIEW PAYROLL JOURNAL FOR ACCURACY

7. A) OCCURRENCE AND ACCURACY
B) REVIEW HR POLICIES AND EXAMINE TIME RECORDS FOR INDICATION OF APPROVAL
C) PAYCHECKS ARE GIVEN TO THE WRONG EMPLOYEES
D) REVIEW COMPANY PROCEDURES, COMPARE NAMES ON CANCELLED CHECKS

8. A) OCCURRENCE
B) EXAMINE TIME RECORDS, HR POLICIES
C) EMPLOYEE COULD CONTINUE TO RECEIVE PAYMENT IS NOT PROPERLY RECORDED
D) REVIEW PAYROLL MASTER FILE AND CANCELLED CHECKS FOR PROPER NAME LISTINGS

20-21
1. A) TIME RECORDS ARE APPROVED BY SUPERVISOR
B) REVIEW OF TIME CARDS ARE APPROVED BY SUPERVISOR AND REVIEW COMPANY POLICIES

2. A) PAYCHECKS SHOULD ONLY BE DISTRIBUTED TO EMPLOYEE BY SOMEONE OTHER THAN THE FOREMAN (SEPARATION OF DUTIES)
B) REQUIRE EMPLOYEES SHOW ID PRIOR TO RECEIVING PAYCHECK

3. A) TIME CARDS