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USCPA备考：SIM综合题型练习（2）
The year under audit is year 2. During the audit of accounts payable, you detected misstatements previously undetected by the client. All misstatements were related to year 2. For each of the liability misstatements shown below, double-click on the shaded cell and select the most appropriate item from the list provided. In column C, select the internal control that most likely could prevent or detect this type of misstatement in the future. Audit procedures and internal controls may be selected once, more than once, or not at all. Column B Column C Misstatement Audit procedure used to Internal control that could prevent detect misstatement or detect misstatement in the future 1. An accounts payable clerk misplaces year-end invoices for raw materials that were received on December 21, year 2, and therefore liabilities were not recorded 2. The company tends to be careless in recording payables in the correct period. 3. The company has the same person approving pay requests and cutting checks. 4. The company’s receiving department misplaces receiving reports for purchases of raw materials at year-end and therefore liabilities were not recorded. Column B selection list 1. From the January, year 3, cash disbursements journal, select payments and match to corresponding invoices. 2. Review the cash disbursements journal for the month of December, year 2. 3. On a surprise basis, review the receiving department’s filing system, and test check quantities entered on December, year 2, receiving reports to packing slips. 4. Identify open purchase orders and vendors’ invoices at December 31, year 2, and investigate their disposition. 5. Request written confirmation from the accounts payable supervisor that all vendor invoices have been recorded in the accounts payable subsidiary ledger. 6. Investigate unmatched receiving reports dated prior to January 1, year 3. 7. Compare the balances for selected vendors at the end of year 2 and year 1. 8. Determine that credit memos received 10 days after the balance sheet date have been recorded in the proper period. 9. Select an unpaid invoice and ask to walk through the invoice payment process. Column C selection list 1. The purchasing department supervisor forwards a monthly listing of matched purchase orders and receiving reports to the accounts payable supervisor for comparison to a listing of vouched invoices. 2. The accounts payable supervisor reviews a monthly listing of open purchase orders and vendors’ invoices for follow-up with the receiving department. 3. Copies of all vendor invoices received during the year are filed in an outside storage facility. 4. All vendor invoices are reviewed for mathematical accuracy. 5. On a daily basis, the receiving department independently counts all merchandise received. 6. All vendor invoices with supporting documentation are canceled when paid. 7. At the end of each month, the purchasing department confirms terms of delivery with selected vendors. 8. Accounts payable personnel are assigned different responsibilities each quarter within the department. 9. A clerk is responsible for matching purchase orders with receiving reports and making certain they are included in the proper month.Answer: Column B Column C Misstatement Audit procedure used to Internal control that could prevent detect misstatement or detect misstatement in the future 1. An accounts payable clerk misplaces year-end invoices for raw materials that were received 6 1 on December 21, year 2, and therefore liabilities were not recorded 2. The company tends to be careless in recording payables 1 9 in the correct period. 3. The company has the same person approving pay requests 9 8 and cutting checks. 4. The company’s receiving department misplaces receiving reports for purchases of raw materials at year-end and 4 2 therefore liabilities were not recorded.
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