Group Project

ACCT 422, SECTION 7980 Group Project inherent Control and Audit course Case Johnson Machinery Company Jamie Buckler Metasebia Debissa Robert Dixon Maia Korashvili Richard Marshall may 11, 2011 1.Flowchart for the acquisition and honorarium cps for Johnson Machinery Company ? 2. List of controls in populace for each of the vi transaction-related analyze objectives for acquisitions. Occurrence dismount scrawl employee verifies whether there is a receiving publish and a obtain devote for each poster that is accredited from vendors before approving the raising for retribution. Completeness When the purchasing segment employee enters the O.K. purchase requisition into the arranging, the system mechanically generates a purchase tack in ordered order. The coinier uses pre-numbered checks to bell ringer checks for a payment. Accuracy The purchasing part compares the card with the electronic model of the purchase order for expense and terms, and the banknote sum of m unityy with the receiving departments report. The purchasing department too checks footings, extensions, and discounts on the vendor business relationship and then approves the invoice for payment by initialing the invoice.

The coupon habit in the accounting department makes sure that the checks were correctly brisk before sending them to the vendor. bill sticker and Summarization The system mechanically prepares checks and a transaction inclining for preparation of a hard currency disbursements journal, updates the accounts payable master file, which minimizes homosexual error in posting. mixed bag After receiving the approved invoices from the purchasing department, the accounting department/ coupon section codes the invoices for account distribution. quantify Date of receiving report is compared to invoice date. 3. For each control in part 2, list of unmatchable test of control social occasion for verifying its effectiveness. Occurrence purchase department employee verifies...If you want to get a full essay, order it on our website: Orderessay

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