Descripción: lillian too feng shui san he xuan yuan estrellas voladoras 5 elementos china
Answer to what are Chalon's mistakes at Michelin
Case Study
ffFull description
zumwald, performance management
Abnormal psychology
Caso de estudio del IBDescripción completa
caso de estudio Netflix
Case ase 1. Audit Audi t ing in g the t he Revenue Revenue Cycle Cycle The Kwan Pharmaceutical Company, a drug manufacturer, occasionally receives requests from cust cust omers for credit memos. memos. The The Company ompany has t he follow fol lowing ing int ernal controls contr ols for recording recordi ng sales sales ret urns urns and evalu evaluati ating ng the adequacy adequacy of t he Acc Account ounts s Receivabl eceivable e All Allowance owance (A/ (A/ R Allowance). Allowance). 1. All customer requests for credits are documented in a log and are forwarded to the Controller. 2. The C Cont ontrol roller ler reviews revi ews eac each h credit request request for reasona reasonablenes bleness s and and dis di scuss cusses it wit wi t h the t he appropriat appropriate e pe person rsonnel nel related relat ed to t he initial init ial sale. sale. 3. The Cont ontrol roller ler documents documents the credit memo on a form for m explaining the rea r eas son for t he credit and t he am amount ount of the t he credit credit.. 4. The Cont Control roller ler and the CF CFO bot both h physically physically sign the t he credit memo paperw paperwork. ork. 5. The credi creditt is issued issued by a sepa eparat rate e depart department ment prior pri or to t o the t he reduct reduct ion of t he A/ A/ RAllowanc Allow ance e for t he cus custt omer, or is refunded ref unded by check. check. 6. The Controller updates the accounting software for the credit memo. 7. On a quarterl quart erly y basis, basis, the t he Cont Control roller ler evaluat evaluates es the adequac adequacy y of t he A/R A/ R Allowance. Allowance. Sample of the Balance Sheet (in 000s): 12/ 12/ 31/ 31/ 09
12/ 12/ 31/ 31/ 08
A/R A/ R
1500
1000
A/R A/ R Allowance Allowance
(100)
(100)
Net A/R A/ R
1400
900
As t he Senior Auditor, Audit or, it i t is your res r espons ponsibi ibililitt y to t o design design the t he a audit udit plan to t o tes t estt Sales Returns etur ns and Allowances. Required: A. In the form of a chart for Kwan Pharmaceutical Co, design an audit program for Sales Returns (credit (credit memo): memo): 1) List t he a audit udit objectives objecti ves t o be achieved achieved 2) List t he key key cont control rols s from fr om the t he preceding preceding summary summary 3) Sugg ugges estt t est est of control cont rols s for each object objective ive 4) Sugg ugges estt subst ubst antive anti ve tes t estt of t ransac ransactt ions for each each objective objecti ve B. Sugg ugges estt t est est ing to evaluate evaluat e the the adequac adequacy y of t he A/ A/ R Allowance. Allowance. C. What What does t he trend t rend of t he A/ A/ R Allowanc Allow ance e figures fi gures sugg uggest est t o you? How How would woul d you modify modif y your testing scope to address what you see?
