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VALLEY PUBLISHING COMPANY

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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