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TTC (Midterm) (Controls Assessment (Pre-Printed Generic Tickets, Tickets…
TTC (Midterm)
Controls Assessment
Pre-Printed Generic Tickets
Tickets left intact
Sales
Payment Method
Accounting Software
Inventory (food, prizes)
General security of information
Audit Procedures
NMT
RPT/PPE
Tiger Bite Liability
Trailer Fire - Disclosure
Inventory
Standard
Opening Balances
Audit Plan
Risk Assessment
Overall Factors
Bank Reliance
Kelvin's Bonus
Complex Accounting Issues
Bookkeeper errors
1st Time Audit
Control Environment Factors
Limited Controls (In cash)
Tim's limited Involvement
Decreasing Risk
Overall Factors
Privately owned minimal reliance
Audit Strategy
New Entity - Need to understand controls
Evidence of weakness --> Substantive
Review for opportunities to improve
Cash Transactions --> Possible Qualitifaction
Materiality
Users
Tim for Mgmt Bonus
Bank for Loan Repayment
Base
5% Pre-Tax Income
Performance Materiality
60%