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    WCGW

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    The document summarizes problems that could occur in sea transportation and ways to address them through internal controls and audit procedures. It lists 10 potential problems such as manipulation of documents, unbilled passengers, and defective goods. For each problem, it provides examples of internal controls like segregation of duties and prenumbered documents. It also lists audit procedures for examining accounts, reconciling documents, and reviewing summaries to test for the potential problems.

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    WCGW

    Uploaded by

    byuntaexo
    354 views1 page
    The document summarizes problems that could occur in sea transportation and ways to address them through internal controls and audit procedures. It lists 10 potential problems such as manipulation of documents, unbilled passengers, and defective goods. For each problem, it provides examples of internal controls like segregation of duties and prenumbered documents. It also lists audit procedures for examining accounts, reconciling documents, and reviewing summaries to test for the potential problems.

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    what could go wrong

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    The document summarizes problems that could occur in sea transportation and ways to address them through internal controls and audit procedures. It lists 10 potential problems such as manipulation of documents, unbilled passengers, and defective goods. For each problem, it provides examples of internal controls like segregation of duties and prenumbered documents. It also lists audit procedures for examining accounts, reconciling documents, and reviewing summaries to test for the potential problems.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    354 views1 page

    WCGW

    Uploaded by

    byuntaexo
    The document summarizes problems that could occur in sea transportation and ways to address them through internal controls and audit procedures. It lists 10 potential problems such as manipulation of documents, unbilled passengers, and defective goods. For each problem, it provides examples of internal controls like segregation of duties and prenumbered documents. It also lists audit procedures for examining accounts, reconciling documents, and reviewing summaries to test for the potential problems.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 1

    AUDITING PROBLEMS I TTh 4:00 – 5:30 P.M.

    Room 303 01/09/18

    FERNANDEZ , Mary Angel


    LOPEZ , Lindy Ann
    SUSON , Donabella
    GIMENA , Eddie Loyd

    SEA TRANSPORTATION:

    WHAT COULD GO WRONG INTERNAL CONTROL AUDIT PROCEDURE


    1. Manipulation of Segregation of duties of the Review of accounts related to
    documents employees the concerned departments
    2. Error in sales Performance reviews, Confirming and examining
    discount, returns, authorization of discounts, receivables to customers
    allowances returns, allowances to a
    computations department
    3. Errors in foreign Authorization of transactions Testing valuation of
    currency receivables denominated in
    denominated foreign currency
    transactions
    4. Issues resulting from Authorization of transactions Determining that such
    related party transaction have been
    transactions properly approved and is
    appropriate under the
    company’s by-laws
    5. Unbilled passengers Strict entrance Reconciliation of the list of
    passengers to the sales
    journal
    6. Duplication of sales Prenumbered sales Reconciliation of related
    receipts documents documents to the sales
    journal
    7. Unshipped goods List goods shipped on a daily Review of the summary of
    basis (including time of activities with corresponding
    shipment to time of arrival) receipts
    8. Delayed goods List goods shipped on a daily Review of the summary of
    basis (including time of activities for the month
    shipment to time of arrival) before and after year-end
    9. Uncollectibility of Check customer credit Ascertain reasonability of
    Receivable background write-offs
    10. Defective and lost List goods shipped on a daily Ascertain reasonability of
    goods upon transit basis (including time of cancellation of sales
    shipment to time of arrival)

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