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1. Prepare a flowchart for the acquisition and t...




1. Prepare a flowchart for the acquisition and the payment cycle for Johnson Machinery Company. 2. List the controls in existence for each of the six transaction-related audit objectives for acquisitions. 3. For each control in part 2, list one test of control procedure for verifying its effectiveness. 4. List the most important deficiencies in the acquisition and payment cycle. 5. Identify the most likely error or fraud that could result from each of the deficiencies listed in part 4. 6. Suggest a system alteration for JMC that would correct each of the deficiencies identified in part 4. Be sure to keep cost/benefit in mind. 7. Design an audit program to test internal control. The program should include, but not be limited to, tests of controls from part 3 and procedures to compensate for the deficiencies in part 4.,hi please try to answer befor the deadline ( 2 ) it's very important for me to finish it earlier thanks alot,please i am still waiting for the answers .. please let me know


Paper#2930 | Written in 18-Jul-2015

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