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Audit task Assignment (Example)

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Name University affiliation Professor Date To: Karen From: Subject: After a critical analysis of cash and sales journal the analysis establishes misstatements. This misstatement includes offering discount when the customer did not qualify for the discount and discount omission. The result of the study is summarized in the table below. From the table above it can be observed that some customers were offered discounts when they did not qualify for them. For instance invoice no. 100792 and 101402 did not qualify for discount yet the company offered them discount. Another unique misstates in both sales journal is the invoice number 101912 for 10 042.31. The company receives cash for from the customer but there was no record in the sales journal. This transaction is a sign that the books of account contain some material misstatements. However the discount account is below the tolerable error which is a good indicator that there is material misstatement. Therefore the auditor should conduct more substantive procedures. Suggested Adjusting Journal Entries Account Name Debit amount Credit amount WP Reference Explanation superior aluminia $1 553.13 understated sales through trade discount superior aluminia $1 645.62 understated sales through trade discount lakeshow industries 200.69 overstatement of sales Works Cited Bhattacharjee and Kimberly K. Moreno. "The Role Of Account Subjectivity And Risk Of Material Misstatement On Auditors' Internal Audit Reliance Judgments." Accounting Horizons 30.2 (2016): 225-238. Borthick A. Faye and Jack E. Kiger. "Designing Audit Procedures When Evidence Is Electronic: The Case Of E-Ticket Travel Revenue." Issues In Accounting Education 18.3 (2003): 275-290. Raslan Ibrahim Mohamed Hegazy and Noha Kamar Eldawla. "Quality Control Elements And Auditor Fraud Risk Assessment: An Experimental Study." Journal Of Accounting & Finance (2158-3625) 16.2 (2016): 151-176. Whitehouse Tammy. "Alert Calls Out Audit Risks Under New Revenue Rule." Compliance Week 13.152 (2016): 10-12. [...]

Order Description:

This is the Auditing Assignment, You have to o working paper,Summary of findings,Memo etc All the details are in files attached.

Subject Area: Accounting

Document Type: Proofreading

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $75

Words 1650

Pages 6

Completed in 1 day

Expert Cecy1992

Client Review

Got 60, acceptable considering the given amount of time.


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