Submitted by: Submitted by hollylear
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Category: Business and Industry
Date Submitted: 10/30/2012 09:56 PM
Apollo Shoes Case
ACC/491 Contemporary Auditing I
September 28, 2012
1. Complete the ICQ for Apollo. For “yes” answers, add a comment stating which department and clerk performs the function. For “no” answers, describe the possible “errors” or “frauds” that could occur because of the control weakness.
2. I’ve started a flowchart and listed some strengths and weaknesses, but had to leave before I could finish it. See if you need to add any more strengths and/or weaknesses that you find from the ICQ and narrative descriptions of the revenue cycle.
Internal Control Questionnaire—Sales Transaction Processing
| |Yes, No, N/A | |
|Assertions and Questions | |Comments |
| |
|Occurrence assertion: |
| 1. Is the credit department independent of the sales |No |While there is a segregation of duties even though the credit and|
|department? | |sales departments are combined, error or fraud could occur. When |
| | |the customers pay the cashier cash and she stamps the invoice |
| | |paid, she could take the money and pocket it and not stamp the |
| | |invoice and it still appear to be outstanding even thought the |
| |...