USCPA备考：SIM综合题型练习（2）

 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.