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Unit 4 Assignment

Individual Assignment 4 template

Case 4 – Exercise 1a

Lakeside Company

Revenue and Cash Receipts – Distributorship Revenue Recognition

Prepared by:

Reviewed by:

Notes

Sales Division

Inventory Department

Assistant to President

Controller’s Office

A: Record telephone order on pre-numbered sales invoices.

Sales Invoice

2

3

4

5

Note A

From Customers

Case 4 – Exercise 1b

The Lakeside Company

Internal Control Narrative – Cash Receipts

December 31, 2012

Prepared by:

Date:

Analyze the flowchart repre¬sentation of the Cash Receipts procedures, and prepare a written memorandum to accompany and explain this particular system.

Treasurer’s Office:

Assistant to the President:

Sales Division:

Controller’s Office:

Case 4 – Exercise 4-2 (a)

INTERNAL CONTROL – PRELIMINARY ANALYSIS

CLIENT:

SYSTEM:

DATE:

PREPARED BY:

List each document found in this system, the number of copies, and whether it is prepared internally or externally.

Answer each of the following questions. For each “No” answer, comment on whether an internal control weakness is indicated.

QUESTION

YES

NO

COMMENT

(1) Is each document within this system pre-numbered?

(2) Is the authority for completing each document clearly delineated?

(3) Are all documents subsequently reviewed by an independent party within the company?

(4) Are appropriate procedures clearly spelled out for completing and reviewing each document?

(5) Is the record-keeping function independent of the custody function at all points throughout the system?

(6) Are all mathematical computations independently verified?

(7) Does record-keeping begin at the origin of the transaction?

(8) Are all transactions authorized?

(9) Indicate any other specific internal control features that have been built into this system.

(10) Indicate any other specific internal control weaknesses that appear to be present in this system.

Exercise 4-2 (b)

Abernethy and Chapman

INTERNAL CONTROL – Control Risk Matrix – Revenue Cycle

Client: Lakeside

Internal Control

Revenue Transaction-Related Audit Objectives

Occurrence:

Completeness:

Accuracy:

Posting and Summarization:

Classification:

Timing:

Deficiencies Controls

Sales orders recorded on pre-numbered forms. L

L

Assessed Control Risk

H – high risk, M- moderate risk, L- low risk

Note: Each deficiency needs to be evaluated by identifying compensating controls, potential misstatements, materiality and the effect on audit evidence.

Case 4 – Exercise 3

The Lakeside Company

Internal Control Weaknesses – Revenue Recognition Procedures

December 31, 2012

Improvements that could be made in the revenue recognition system for the distributorship sales division are listed below.

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