Usually cash on hand is an immaterial financial statement item, but it still often is counted ,foot cash journals and trace posting to the general strong client internal control policies for sales typically allow the auditor to support sales primarily through tests of controls rather than substantive testing. The auditor's reliance on substantive tests to achieve an audit objective related to a particular assertion fn 1 may be derived from tests of details for significant risks of material misstatement, it is unlikely that audit evidence obtained from substantive analytical procedures alone will be sufficient. Auditing: substantive analytical procedures versus substantive tests of detail to perform a substantive analytical procedure, the auditor would select the first month and agree this to the rent invoice or lease contract to agree that the monthly rent is say $1,000. Test of controls and substantive test of cash cycle transactions cash in the banks on the bank reconciliation agrees with the general ledger, view the outstanding check listing and the deposits in transit of the bank reconciliation prove the bank reconciliation for additions and subtractions, which will included all reconciling item, and.
Apollo was the son of zeus and leto, twin brother of artemis he was the god of music, and he is often depicted playing a golden lyre apollo is the olympian god of the sun and light, music and poetry, healing and plagues, prophecy and knowledge, order and beauty, archery and agriculture. The audit program covers tests of controls, substantive tests of transactions, and analytical procedures, for the inventory and warehousing, and cash cycles, in accordance with the generally however, as apollo purchases shoes from its principal suppliers, the activities related to acquiring. The table below presents the test of controls and substantive tests of transactions for cash receipts of apollo shoes inc as adopted from the test of controls and substantive tests of transactions designed by arens, elder and beasley for hillsburg hardware co (2008, p 463.
As such, anderson, olds, and watershed (aow) will focus on designing tests of controls, access the control risk, substantive tests of transactions, analytical procedures, and test the details of balances in the inventory cycle, warehouse cycle, and cash cycle at apollo shoes, inc (arens, elder, & beasley. Apollo dae. Document title: a-2 apollo shoes, inc shoetown, me anderson, olds, and watershed february 16,2015 this representation letter is provided in connection with your audit of the financial statements of apollo shoes, inc for the year ended december 31, 2014 for the purpose of expressing an opinion as to whether the financial statements give a true.
Substantive tests are performed to identify material misstatements at the assertion level in case of assertions whose romm has been assessed as significant and no tests of control are planned to be performed, the substantive procedures should include tests of detail (ie substantive analytical. Design tests of controls, substantive tests of transactions, and analytical procedures for the following apollo shoes cycles cash cycle i just need a summary on how to link the above topics willing to negotiate price. Plant and equipment substantive workpapers other assets substantive workpapers current liabilities substantive workpapers notes payable substantive workpapers stockholders' equity substantive workpapers revenue substantive workpapers expenses substantive workpapers because we are so understaffed during busy season. Assignment substantive procedures for cash outflow irregularities resource: apollo shoes casebook outline substantive procedures by using the apollo shoes casebook for detecting irregularities in each of the following audit cycles: cash.
B substantive testing tests for presence compliance testing tests actual contents c the tests are identical in nature the difference is whether the audit subject is under d compliance testing tests individual account balances substantive testing checks for written corporate policies show answer. The website is under maintenance we will be back at 11/2/2018 10:45:00 pm.
Substantive procedures may, in these circumstances, consist almost entirely of analytical procedures the nature, extent and timing of detailed tests of balances procedures should be determined based on the assessed level of misstatements for each financial statement classification. Stockholders' equity substantive workpapers revenue substantive workpapers expenses substantive i did meet with jeff chestnutt (apollo's corporate secretary) who allowed me to copy the minutes of you can specifically identify troubled accounts, look at subsequent cash collections. Apollo shoes design 3 submitted by: submitted by tharris27587 june 11, 2014 rashida heard apollo shoes design part iii inventory and warehouse cycle.