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ETS (Control Weaknesses (15 mins) (Sales variance Report not reviewed,…
ETS
Control Weaknesses (15 mins)
Sales variance Report not reviewed
Invoiced Report not reviewed because it is too long
Approval of purchases
Location of all folders in the server
Invoices generated once a week
Personnel Files in the same directory as master customer file
All employees have the same access
Accounting Issues (20 mins)
Revenue Recognition
Inventory Scraps
Convertible debt
Deferred Income tax
Sales Comvission Classification
Audit Procedures Issues (15 mins)
Bank Recociliation
Accounts Receivable Confirmation
Inventory Count
Convertible Debt
Deferred Income Tax
Additional Audit Procedures (10 mins)
Review of Sales Commission
Review of purchasing system
Review of Projection
Effect of control on Audit (3 mins)