Beruflich Dokumente
Kultur Dokumente
Characteristics :
1. Relatively few transactions affect the
account balances, but each one is
often highly material in amount.
Internal Controls
Notes Payable
Analytical procedure
Possible misstatement
Recalculate possible
interest expense on the
basis of average interest
rates and overall monthly
notes payable.
Misstatement of interest
expense and accrued
interest, or omission
of an outstanding
note payable.
Omission or
misstatement of
a note payable.
Misstatement of interest
expense and accrued
interest or notes
payable.
*Owners Equity
Internal Controls :
Proper authorization of transactions
Proper record keeping and segregation of duties
Independent registrar and stock transfer agent
1.
Completeness:
Existing capital stock transactions
are recorded.
2.
3.
4.
*Audit of Dividends
1.
Occurrence:
Recorded dividends occurred.
2.
Completeness:
Existing dividends are recorded.
3.
Accuracy:
Dividends are accurately recorded.
4.
Occurrence:
Dividends are paid to stockholders
that exist.
5.
Completeness:
Dividends payable are recorded.
6.
Accuracy:
Dividends payable are accurately recorded.