Rothstein And Swartz a Public Accounting Firm Case Study
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Rothstein And Swartz a Public Accounting Firm Case Study
You are an audit senior in Rothstein & Swartz a public accounting firm. You are current working on the audit of one of its clients, Ontario Appliance Source. (OAS) which has a year-end of December 31, 2021. You are preparing the audit program for the sales and dispatch system.
Audit documentation is available from the previous year’s audit, including internal control questionnaires and audit programmed for the and sales and dispatch system. As far as you are aware, OAS’s system of internal control has not changed in the last year.
OAS is a retailer of kitchen appliances such as washing machines, fridges and microwaves. All sales are made via the company’s Internet site with dispatch and delivery of goods to the customer’s house made using OAS’s vehicles. Appliances are purchased from many different manufacturers.
The process of making a sale is as follows:
Potential customers visit OAS’s website and select the kitchen appliance that they require. The website ordering system accesses the inventory specification file to obtain details of products OAS sells.
When the customer chooses an appliance, order information including price, item and quantity required are stored in the orders pending file.
Online authorization of credit card details is obtained from the customer’s credit card company automatically by OAS’s computer systems.
Following authorization, the sales amount is transferred to the computerized sales day book. At the end of each day the total from this ledger is transferred to the general ledger.
Reimbursement of the sales amount is obtained from each credit card company monthly, less the appropriate commission charged by the credit card company.
Following authorization of the credit card, order details are transferred to a goods awaiting dispatch file and allocated a unique order reference code. Order details are automatically transferred to the dispatch department’s computer system.
In the dispatch department, goods are obtained from the physical inventory, placed on OAS vehicles and the computerized inventory system updated. Order information is downloaded on a hand-held computer with a writable screen.
On delivery, the customer signs for the goods on the hand-held computer. On return to OAS’s warehouse, images of the customer signature are uploaded to the orders file which is then flagged as ‘order complete’.
Required:
Using information from the scenario, list five tests of control that an auditor would normally carry out on the sales and dispatch system at OAS and explain the reason for each test.
Arrange your answer in a table as follows:
Test of control Reason for Test Question 2 (8 marks)
The following information relates to a non-statistical sample used for a price test of inventory conducted by an audit assistant:
Population Information Sample Information Number of items Amount Number of Items Amount Misstatement Greater than $10,000 25 $1,200,000 25 $1,200,000 $710 Less than $10,000 160 $1,050,000 20 $ 95,000 $265 Total 185 $2,250,000 45 $1,295,000 $975 Required:
What is the best estimate of the total misstatement in inventory?
Assuming the results are not acceptable, what two possible courses of action can the auditor take?)
- c) Which misstatement would be of a greater concern, items > $10,000 or items < $10,000?
Explain.
What can a public accounting firm do to reduce the sampling risk?
What can a public accounting firm do to reduce the noncamping risk?
RUBRIC
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