PROBLEM 1 Match the internal control in the first column with Applicable control activities Adequate separation...

PROBLEM 1

Match the internal control in the first column with

Applicable control activities
1. Adequate separation of duties
2. Adequate documents and records
3. Proper authorization of transactions
4. Physical controls over assets and documents
5. Independent checks on performance
Transaction related audit objective (not-assigned, for class discussion only)

	INTERNAL CONTROL	a. CONTROL ACTIVITY	b. TRANSACTION- RELATED AUDIT OBJECTIVE(S)
1.	Sales invoices are matched with shipping documents by the computer system and an exception report is generated.
2.	Receiving reports are prenumbered and accounted for on a daily basis.
3.	Sales invoices are independently verified before being sent to customers.
4.	Payments by check are received in the mail by the receptionist, who lists the checks and restrictively endorses them.
5.	Labor hours for payroll are reviewed for reasonableness by the computer system.
6.	Checks are signed by the company president, who compares the checks with the underlying supporting documents.
7.	Unmatched shipping documents are accounted for on a daily basis.
8.	The computer system verifies that all payroll payments have a valid employee identification number assigned by the human resources department at the time of hiring.
9.	The accounts receivable master file is reconciled to the general ledger on a monthly basis.

Expert Solution

ekkarill92 answered 1 year ago

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