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VALLEY PUBLISHING COMPANYBelow is a free term papers summary of the paper "VALLEY PUBLISHING COMPANY." If you sign up, you can be reading the rest of this term papers in under two minutes. Registered users should login to view this term paper.
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... This is not the end of the termpaper! Register below to see the complete version of this term paper.
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