Apollo Shoes Case
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Apollo Shoes Case Study
ACC/492
November 22, 2010
Accounts Receivable Memo
Memo
To: Samuel Carboy, Controller
Re: Accounts Receivables
Our firm has used two forms of confirmation for your accounts receivable accounts. We have sent out confirmation letters to your customers that had an account balance as of 12/31/07 for balance verification. We sent requests based on the customers who had a relatively large balance at the year end. We used the positive confirmation method that involves your customer to merely respond whether or not the balance shown on the letter is conclusive with their records. Another type of verification we used is your Accounts Receivable Trial balance report as of 12/31/07 and compared it to the balance on the lead schedule.
In the event that the customers who received confirmation letters do not reply, we will use alternative procedures to verify the existence of balances due on your accounts receivables. We will need to verify your receipts of payments from customers in question. By doing so, we will need to review and verify open invoices for customer with open balances and examine any subsequent collections.
Bridge working paper
Internal controls
For Payroll Flowcharts
Audit Project NO. ICP-1
|Procedure |*S or W |Audit control procedures / comments |
|Hourly employee hours are recorded on a |S |All employees must have a printed time sheet with an automatic |
|time card using a time clock machine | |time device that records hours worked. Also allows for employee |
| | |review on tardiness. |
|Supervisors review and approve time card |S |Supervisors must approve time cards by confirming the hours |
|and send time cards to payroll department |...
ACC/492
November 22, 2010
Accounts Receivable Memo
Memo
To: Samuel Carboy, Controller
Re: Accounts Receivables
Our firm has used two forms of confirmation for your accounts receivable accounts. We have sent out confirmation letters to your customers that had an account balance as of 12/31/07 for balance verification. We sent requests based on the customers who had a relatively large balance at the year end. We used the positive confirmation method that involves your customer to merely respond whether or not the balance shown on the letter is conclusive with their records. Another type of verification we used is your Accounts Receivable Trial balance report as of 12/31/07 and compared it to the balance on the lead schedule.
In the event that the customers who received confirmation letters do not reply, we will use alternative procedures to verify the existence of balances due on your accounts receivables. We will need to verify your receipts of payments from customers in question. By doing so, we will need to review and verify open invoices for customer with open balances and examine any subsequent collections.
Bridge working paper
Internal controls
For Payroll Flowcharts
Audit Project NO. ICP-1
|Procedure |*S or W |Audit control procedures / comments |
|Hourly employee hours are recorded on a |S |All employees must have a printed time sheet with an automatic |
|time card using a time clock machine | |time device that records hours worked. Also allows for employee |
| | |review on tardiness. |
|Supervisors review and approve time card |S |Supervisors must approve time cards by confirming the hours |
|and send time cards to payroll department |...