We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Auditing Accounts Receivable - Essay Example

Comments (0)
When auditing accounts receivable, it is absolutely essential to determine the accuracy of accounts as well as ensuring that payment, discounts and additional fees are accurately applied to each customer account. This may not always be an easy task as the existence and rights…
Download full paper
Auditing Accounts Receivable
Read TextPreview

Extract of sample
Auditing Accounts Receivable

Download file to see previous pages... Supporting documentation can include a receipt of purchase, check numbers, and invoices just to name a few. Such analytical procedures to verify existence assertions would be bank reconciliations and cash flow analyses. Without the documentation and analytical procedures to support financial transactions, the accuracy of the accounts receivable will not be strong and this will greatly overstate or understate each account. To correct this, the existence and rights assertions are necessary to audit each account and verify that each transaction recorded has been recorded accurately and within the specified time period.
The payroll cycle is a common source of frustration for an accounting and auditing department because of the myriad errors and cases of fraud that can take place. Employees may turn in fraudulent time sheets that state they have worked more or less hours than were actually completed. Supervisors may not adequately review all time sheet data and it may be passed through the payroll cycle without ever being checked for accuracy. Furthermore, employees can sometimes create ghost employee records where payroll is paid to an employee that does not exist and costs the company thousands of dollars in unnecessary payroll expenses. Separation of duties is a common control method utilized by accounting and payroll professionals to detect payroll errors and catch fraudulent activity before it ever truly becomes an issue. For instance, companies are encourage to “have a minimum of two employees review bank statements and returned checks every month. Also, divide Payroll duties so different people are responsible for approving time sheets, entering hours worked data, distributing paychecks, etc.” (Bilski, 2010). Having multiple people fill specific duties throughout the payroll cycle will have an adequate set of controls in place to ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
The Accounts Receivable (Sales Ledger) of Cookridge Carpets
According to the research findings it can therefore be said that the segregation of duties may be employed as a way to introduce completeness and accuracy in the receivable accounts of the company by employing additional personnel in the accounts department responsible for recording and maintaining the payment portion.
14 Pages(3500 words)Essay
Auditing and Assurance (Individual Case Study Assignment)
Justify your evaluation based on the information provided. [350 words] Business risks identified in the memorandum seem to be potential problems, but that is just the tip of the proverbial iceberg of the problems that are wrong with this company. First of all, the salaries for the people at the two top levels are Tony Lockett and Peter Roos.
3 Pages(750 words)Essay
The company manufactures sports equipment. Their main customers are private gyms as well as specified retailers. The information regarding the four items is retrieved from the trial balance that is dated March 31st 2011. The essay will address the four items listed identifying the extent to which they have been audited in order to review any audit problems.
8 Pages(2000 words)Essay
The net profit margin and gross profit margin are used in analyzing the profitability of an entity. The net profit margin and gross profit margins are used to evaluate the operating performance of a company (Pamela and Frank 2010). The net profit margin calculates the net profit as a percentage of sales.
4 Pages(1000 words)Essay
World's Leading Producer, Distributor of Flooring Products, Mohawk Industries Signs with Harbor Payments for Accounts Receivable Automation
According to the contract, Mohawk Industries, Inc. licenses the Invoice Harbor platform for outsourcing and automating their accounts receivable processing. Since Harbor Payments' products and services are believed to be effective tools in managing cash flow in organizations by means if sending and receiving invoices and payments electronically, this event is going to be a significant breakthrough for Mohawk Industries, Inc.
2 Pages(500 words)Essay
Financial auditing can be performed on the entire financial system of an enterprise or on specific areas of the system. This paper describes the auditing procedure
2 Pages(500 words)Essay
luenced by the nature of entity’s business, its business risk, and external influences.”(Lain Gray and Stuart Manson, page 674)i This concept is related with continuation of activities in the normal and regular course of business activities. That does not means that
6 Pages(1500 words)Essay
Writing assignment of auditing
All cash balances must then be audited by the team for the interests of shareholders as well as the government. All the cash balances are presented chronologically in the balance sheet
2 Pages(500 words)Essay
Accounts Receivable
However, in the businesses where long-term relationships have been developed between a company and its customers, the company may select to make transactions with its existing customers without receiving cash immediately.
3 Pages(750 words)Research Paper
Secondly, expenses such as payment of salaries and creditors is another area, which the auditor should look at it closely. Thirdly,
6 Pages(1500 words)Essay
Let us find you another Essay on topic Auditing Accounts Receivable for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us