VALLEY PUBLISHING COMPANY

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Term Paper Title	VALLEY PUBLISHING COMPANY
# of Words	742
# of Pages (250 words per page double spaced)	2.97

VALLEY PUBLISHING COMPANY
Test of Purchases - Items Noted from Schedule T/1
12/31/X1

Voucher Number     Vendor     Audit Test     Amount     Description of Item     Evaluation of Item                  [1]
3-17     National Newsprint Corporation     B#1     28,080.     No purchase requisition, no explanation.
Item appears to be a genuine purchase.
Duncan approved item at time of payment approval.  No explanation.     Exception
No validity problem.  B

3-22     Gilford Bostrow     H#2     2,500     No invoice or approval. Expense approved by Board, services provided, and genuine expense.
No explanation.     No exception
No validity problem
6-26     Midwestern Safe Insurance Co.     C#3     24,000     No invoice approval. Genuine expense as per letter agreement and Board approval.  No explanation.
     No exception
No validity problem
*   6-30     Chamber of Commerce     C#4     4,500     No invoice approval, nor Board approval.      Genuine expense but improper acct.      Exception
Validity problem.      A
   *   9-32     K-Mart     K#5     66.     Voucher Acct. #835  (Supplies) assigned to Acct. #832 (Newspaper Services) on Voucher Register.
     Exception
No validity Problem
10-04     Illinois Eastern Transport     I#6      11,760.     Freight for print equipment should be charged to Acct. #330 (Printing Equip) not to Acct. #131 (Newsprint Inventory)     Exception
Validity Problem     B,C
                                    [1]
12-33     National Newsprint Corporation     cut-off
problem     9,520     FOB Center City, 1/2/x2 invoice, 19x2 inventory item.       cut-off problem        N/A
Validity Problem        [4]
                                  TB 1

Audit Tests
         Test of Controls:
B      Purchase Requisition for purchases over $200 approved by Mr. Duncan.
C      Invoice approved by appropiate operating personal.
         Substantive Tests:
H     Examine the voucher, determine that the documents exists and are in agreement.
I       Review the voucher for charge to the proper account.
K     Trace the voucher to the Voucher Register.

N/A  Not applicable to 19x1 audit test
TB    Trial Balance
X#   Items noted from T/1

AJE #1         330 Printing Equipment                11,760
[1]                            131 Newsprint Inventory                          11,760

VALLEY PUBLISHING COMPANY
Test of Purchases
Summary of Exceptions from T/2
12/31/X1

     Totals  [2]     Errors     Percent [3]
Approvals     30     2          6.7%     A
Accumulations     30     1          3.3%     B C
Classification     30     1          3.3%     B
totals     30     4        13.3%      [3]

[1]  All items are classified as exception or no exception for e...

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