Auditing the purchase process and the human resource management process

Auditing the purchase process and the human resource management process

Project instructions:
Mincin, CPA, is the auditor of the Raleigh Corporation. Mincin is considering the audit work to be performed in the accounts payable area for the current year?s engagement. The prior year?s working papers show that con?rmation requests were mailed to 100 of Raleigh?s 1,000 suppliers. The selected suppliers were based on Mincin?s sample, which was designed to select accounts with large-dollar balances. A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and Raleigh?s accounting records. Alternative audit procedures were used for suppliers who did not respond to the con?rmation requests.

Required
a. Discuss the accounts payable audit objectives that Mincin must consider in determining the audit procedures to be followed.
b. Discuss situations in which Mincin should use accounts payable con?rmations, and discuss whether Mincin is required to use them.
c. Discuss why the use of large-dollar balances as the basis for selecting accounts payable for con?rmation might not be the most ef?cient approach, and indicate what more efficient procedures could select accounts payable for con?rmation.

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