Assignment Question(s): (Marks15) Q1. Suppose you are an auditor who has been tasked with looking into the internal controls at a company. How can you evaluate the company’s internal controls to […]
Compare the different depreciation methods. Give an example of how companies depreciate their plant assets under each method.
ACC101, Reporting and analyzing long-term assets, receivables, AND cash and internal controls Q1 compare the different depreciation methods. Give an example of how companies depreciate their plant assets under each method. Q2 Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer. Q3 a […]
Determine what applicable audit procedure(s) should be conducted to identify whether any material misstatements exist
Option #1: Internal Controls over Cash The following are deficiencies in internal controls over cash. a. When the cashier isn’t available, Amy prepares both the deposit and opens the mail. b. The mail clerk may not prepare a remittance advice for the A/R department if a customer does not submit a one with a payment. […]