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AT.3116
Application of Audit Process to Transaction SOLIMAN/UY/RICAFRENTE
Cycles Part 2 OCTOBER 2021

DISCUSSION QUESTIONS
1. The overall objective in the audit of the acquisition and have access to cash or other assets.
payment cycle is: d. the accounts payable department should account
a. to ensure the reliability of the affected accounts. for all receiving reports to assure that the
b. to ensure the accuracy of the affected accounts. occurrence objective is satisfied.
c. to evaluate whether the affected accounts are fairly
presented in accordance with accounting standards. 8. The accounts payable department usually has
d. to evaluate whether fraudulent payments were responsibility for approving acquisitions for payment by
made. comparing the details on the:
a. vendor's invoice and the receiving report.
2. What typically initiates the acquisitions and payment b. vendor's invoice and the purchase requisition.
cycle? c. purchase order, receiving report, and vendor's
a. Issuance of a purchase requisition or request for invoice.
purchase of goods/services d. purchase requisition, purchase order, and receiving
b. Issuance of payment to vendor report.
c. Approval of a new vendor
d. Purchase requisition 9. When testing the controls for the completeness
transaction-related audit objectives:
3. A document indicating a reduction in the amount owed a. failure to record the acquisition of goods or services
to a vendor because of returned goods is: will generally understate net income.
a. a debit memo. b. failure to record the acquisition of goods or services
b. a credit memo. has no impact on the balance sheet.
c. a receiving report. c. it is generally easy for the auditor to determine
d. a contractual adjustment form. whether unrecorded transactions exist.
d. the audit time for accounts payable can be reduced
4. Which of the following business functions is not if the client has effective internal controls and the
considered to be part of the acquisitions class of auditor properly tests those controls.
transactions?
a. Processing purchase orders 10. When a client uses perpetual inventory records, the
b. Recognizing liabilities tests of details of balances for inventory can be
c. Receiving goods and services significantly reduced if the auditor believes the records
d. Processing cash disbursements are accurate. The controls over the acquisitions included
in the records are normally tested as a part of the:
5. An auditor is gathering evidence on the completeness a. tests of controls for acquisitions.
assertion. To do so she performs a test to verify that all b. tests of controls and substantive tests of
goods received by the company have been recorded transactions for acquisitions.
properly. The document population for this test would c. tests of details of balances for acquisitions.
consist of all: d. analytical procedures and tests of controls for
a. vendor invoices. acquisitions.
b. purchase orders.
c. receiving reports. 11. The internal control that requires that "checks are
d. cash disbursements for accounts payables. prenumbered and accounted for" satisfies the objective
of:
6. Which of the following is not an accurate statement a. accuracy.
regarding the acquisition and payment cycle? b. existence.
a. The personnel in the receiving department should c. completeness.
be independent of the storeroom personnel. d. posting and summarization.
b. Goods received should be physically controlled from
the time of their receipt until their use or disposal. 12. You are performing the audit of Jenkins and Company.
c. Accounting records should transfer responsibility for Your tests of controls and tests of transactions for
the goods each time they are moved. accounts payable demonstrate that the controls are
d. The accounting department should be responsible operating effectively. This would normally allow you to:
for receiving goods and preparing the receiving a. eliminate the need for substantive testing of
report. balances for accounts payable.
b. reduce the need for substantive testing of balances
7. When reviewing the controls and procedures in the for accounts payable.
acquisition and payment cycle: c. reduce control tests in other transactions cycles.
a. companies cannot record the liability for the d. increase the need for substantive testing of
acquisition until the invoice is received from the balances for accounts payable.
vendor.
b. the purchasing department has the responsibility 13. Which of the following is the most effective control
for verifying for appropriateness of the acquisition. procedure to detect vouchers that were prepared for the
c. personnel who record the acquisitions should not payment of goods that were not received?

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a. Count goods upon receipt in storeroom. addition, the auditor must verify whether all acquisitions
b. Match purchase order, receiving report, and taking place between the count and the end of the year
vendor's invoice for each voucher in accounts were added to:
payable department. a. the physical inventory.
c. Compare goods received with goods requisitioned in b. accounts payable.
receiving department. c. accounts payable and cost of goods sold.
d. Verify vouchers for accuracy and approval in d. the physical inventory and accounts payable.
internal audit department.
21. Peprah Company pays its accounts payable 45 days
14. Internal controls that are likely to prevent the client after receipt of the goods or services. In this case which
from including as a business expense those transactions audit procedure should be used to detect any
that primarily benefit management or other employees unrecorded liabilities?
rather than the entity being audited satisfy the control a. Examine cash disbursements for several weeks
objective that: after the balance sheet date.
a. acquisitions are correctly valued. b. Reconcile purchase orders to requisition orders.
b. existing acquisitions are recorded. c. Reconcile purchase orders to receiving reports.
c. acquisitions are correctly classified. d. Reconcile purchase orders to vendor invoices.
d. recorded acquisitions are for goods and services
received. 22. In searching for unrecorded liabilities the purpose of the
audit procedure to "examine underlying documentation
15. Auditors need to distinguish between accounts payable for subsequent cash disbursements" is to:
and accrued liabilities in designing the appropriate a. uncover liabilities on the balance sheet which should
control and substantive tests. A liability is properly not have been recorded until a subsequent period.
accounted for as an account payable if: b. find the documentation relating to a cash
a. the amount is known and owed as of the balance disbursement.
sheet date. c. uncover payments made in a subsequent
b. the amount can be estimated and is owed at the accounting period for liabilities that existed at the
balance sheet date. balance sheet date.
c. the amount is known at the balance sheet date and d. uncover cash disbursements recorded in a
owed by the end of the next fiscal year. subsequent accounting period which should be
d. the amount is estimated and owed within 90 days recorded in this period.
of the balance sheet date.
23. Vendors' statements and vendors' invoices are both
16. Auditors are especially concerned about the ________ relatively reliable evidence because they:
and ________ balance-related audit objectives because a. come directly to the auditor without being in client's
of the potential for understatements in the account possession.
balance. b. originate from a third party.
a. completeness, cutoff c. validate the effectiveness of the control system.
b. completeness, accuracy d. are compared to and reconciled with sales invoices.
c. classification, realizable value
d. classification, cutoff 24. Auditor confirmation of accounts payable balances at
the balance sheet date may not need to be performed
17. At what point do most companies recognize liabilities in by the auditor because:
the acquisition and payment cycle when the goods are a. this is a duplication of cutoff tests.
shipped FOB destination? b. there is likely to be other reliable external evidence
a. When the purchase order is issued available to support the balances.
b. When the vendor acknowledges receipt of the order c. accounts payable balances at the balance sheet
c. When the goods or services are received date may not be paid before the audit is completed.
d. When the vendor invoice is received d. correspondence with the audit client's attorney will
reveal all legal action by vendors for nonpayment.
18. Cutoff procedures for inventory purchased should be
designed by companies to assure the company that: 25. Under which of the following circumstances would it be
a. inventory owned by the company has been advisable for the auditor to confirm accounts payable
received. with creditors?
b. inventory included in the year end inventory count a. Internal accounting control over accounts payable
has been paid. is adequate, and there is sufficient evidence on
c. inventory received before year end was recorded hand to minimize the risk of a material
before year end. misstatement.
d. inventory was correctly valued at year end. b. Confirmation response is expected to be favorable,
and accounts payable balances are of immaterial
19. A document review of which of the following is most amounts.
likely to yield evidence of any unrecorded liabilities? c. Creditor statements are not available and internal
a. Debit memos control over payables is unsatisfactory.
b. Vendor memos d. The majority of accounts payable balances are with
c. Unpaid accounts payable associated companies.
d. Sales invoices out of sequence
26. Which of the following expenses is not typically
20. When the client's physical inventory occurs before the evaluated as part of the audit of the acquisition and
last day of the year, it is still necessary to perform an payment cycle?
accounts payable cutoff at the time of the count. In a. Depreciation expense

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b. Insurance expense d. All of the above are necessary.

c. Estimated liability for warranties
d. Property tax expense 34. Which of the following is an analytical procedure to
determine if there is idle equipment or equipment that
27. You are auditing the acquisition and payment cycle and was disposed of but not written off?
note the presence of excessive recurring losses on a. Compare depreciation expense divided by gross
retired assets. You may conclude that: equipment cost with previous years.
a. insured values are greater than book values. b. Compare gross manufacturing cost divided by some
b. there are a large number of fully depreciated assets. measure of production with previous years.
c. depreciation charges may by insufficient. c. Compare accumulated depreciation divided by gross
d. company has a policy of selling relatively new equipment cost with previous years.
assets. d. Compare annual repairs and maintenance accounts
with previous years.
28. Normally it may be unnecessary to examine supporting
documentation for each addition to property, plant, and 35. Methods used to determine if there are legal
equipment, but it would be customary to verify: encumbrances related to fixed assets include all but
a. all large transactions. which of the following?
b. all unusual transactions. a. Reading terms of loan and credit agreements
c. a representative sample of typical additions. b. Reviewing loan confirmations received from banks
d. all three of the above. c. Having discussions with the client or sending letters
to legal counsel
29. Which of the following statements about the audit of d. All of the above may be used to identify legal
fixed assets is the least correct? encumbrances.
a. The primary accounting record for manufacturing
equipment and other property, plant and equipment 36. Because the failure to record disposals of property,
is generally a fixed asset master file. plant, and equipment can significantly affect the
b. Manufacturing equipment and current assets are financial statements, the search for unrecorded
normally audited in the same fashion regardless of disposals is essential. Which of the following is not a
the activity within a particular account. procedure used to verify disposals?
c. The emphasis on auditing fixed assets is on a. Make inquiries of management and production
verification of current-period acquisitions. personnel about the possibility of the disposal of
d. Failure to record the acquisition of a fixed asset assets.
affects the income statement until the assets are b. Review whether newly acquired assets replace
fully depreciated. existing assets.
c. Test the valuation of fixed assets recorded in prior
30. You are the in-charge auditor for a company who has periods.
been an audit client for several years. Which of the d. Review plant modifications and changes in product
following is not a category of tests commonly line, taxes, or insurance coverage.
associated with the audit of manufacturing equipment?
a. Verification of depreciation expense 37. When auditing depreciation expense, the two major
b. Analytical procedures concerns related to the accuracy audit objective are:
c. Verification of current-period disposals a. consistent application of depreciation method and
d. Verification of the beginning balance in the useful lives.
equipment account b. consistent application of depreciation method and
classification of assets.
31. You are auditing Manufacturing Company and testing c. correctness of calculations and consistent
the audit related objective of completeness for the application of depreciation policies.
equipment accounts. Which of the following audit d. cost of the fixed asset and useful lives.
procedures is most likely to achieve your objective?
a. Examine vendor invoices and receiving reports. 38. The auditor needs to gain reasonable assurance that the
b. Physically examine assets. equipment accounts in the fixed asset master file are
c. Examine vendor invoices of closely related accounts not understated. Which of the following accounts would
such as repairs and maintenance. most likely be reviewed in making that determination?
d. Trace individual acquisitions to the fixed asset a. Depreciation expense
master file. b. Repairs and maintenance expense
c. Gains/losses on sales and retirements
32. Failure to capitalize a fixed asset at the correct amount d. Cash
would impact which financial statements until the
company disposes of the asset? 39. The auditor is examining the accounting entries made
a. The balance sheet only to the accumulated depreciation account during the
b. The income statement only year and notices a significant amount of debits to the
c. The cash flow statement only account. Which of the following provides the most
d. Both the income statement and the balance sheet logical explanation?
a. Large number of asset retirements
33. Which of the following tests are typically not necessary b. Salvage values were revised downward
when auditing a client's schedule of recorded disposals? c. Useful lives were revised downward
a. Footing the schedule d. Allocation of fixed overhead were revised
b. Tracing schedule totals to the general ledger
c. Tracing cost and accumulated depreciation of the 40. The auditor is testing for unrecorded
disposals to the property master file retirements/disposals of equipment. Which of the

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following audit procedures would the auditor most likely d. Rent and lease
use?
a. Select items from the fixed asset master file and 47. ________ is normally characterized as a difficult and
then physically locate them. complex account to audit.
b. Examine the repairs and maintenance amount for a. Property, plant and equipment
large debits. b. Cash
c. Compare current years depreciation expense with c. Inventory
the previous year's depreciation expense. d. Prepaid insurance
d. Trace acquisition documents to the fixed asset
master file. 48. Inventory is a complex area to audit for all but which of
the following reasons?
41. Insurance expense for the period is a function of which a. Inventory is often in different locations.
of the following? b. There are several acceptable valuation methods and
a. The beginning prepaid balance, current premium some entities use different methods for different
payments and the ending prepaid balance types of inventory.
b. The beginning prepaid balance and the current c. Inventory is often the largest account on the
period premium payments balance sheet.
c. The current period premium payments d. Inventory valuation includes few estimates.
d. The current period premium payments and the
ending prepaid balance 49. The inventory and warehousing cycle can be thought of
as having two separate but closely related systems, one
42. The audit of insurance expense is normally limited to involving the actual physical flow of goods, and the
analytical procedures and a brief test of whether other the:
charges to insurance expense arose from credits to a. related costs.
prepaid insurance. b. storage of the goods.
c. internal control over those goods.
Cutoff for acquisitions of insurance is normally not a d. prevention of waste, obsolescence, and theft.
significant problem for the auditors.
a. True, False 50. When auditing inventory cost accounting, the auditor is
b. False, True concerned with all of the following except for:
c. True, True a. net realizable value.
d. False, False b. unit cost records.
c. physical controls over inventory.
43. When auditing accrued property taxes: d. documents and records for transferring inventory.
a. the source for the debits to the liability account is
the acquisitions journal. 51. Which of the following controls would be appropriate
b. realizable value is an important balance-related regarding the release of materials from a stockroom?
audit objective. a. Production employees request materials be
c. the ending balance in the account should be delivered to their work areas as they need them.
confirmed with the applicable taxing authority. b. Stockroom employees deliver materials to work
d. the most important consideration for the auditor is areas throughout the day to maintain acceptable
that the same portion of each tax payment for the levels of safety stock — no written records are
accrual that was used in the preceeding year is used maintained.
in the current year. c. Production employees submit approved requisition
forms to the stockroom for materials needed.
44. Which of the following audit tests both have the effect d. Production employer in need of materials should
of simultaneously verifying balance sheet and income personally pick up needed materials from the
statement accounts? stockroom.
a. Analytical procedures and substantive tests of
transactions 52. Which one of the following analytical procedures would
b. Tests of controls and substantive tests of be most useful in alerting the auditor to the possibility
transactions of obsolete inventory?
c. Tests of details of balances and substantive tests of a. Compare gross margin percentage with previous
transactions years'.
d. Tests of controls and analytical procedures b. Compare unit costs of inventory with previous
years'.
45. The auditor needs to be aware that most users of c. Compare inventory turnover ratio with previous
financial statements rely most heavily on the ________ years'.
for making decisions. d. Compare current year manufacturing costs with
a. balance sheet previous years'.
b. income statement
c. statement of cash flows 53. You are auditing the inventory account and are
d. statement of stockholders' equity concerned about the possibility of an inventory
overstatement. What is the best audit procedure to
46. ________ expense is rarely analyzed unless analytical detect damaged inventory?
procedures indicate high potential for material a. Observe the condition of inventory during the
misstatement. client's physical count.
a. Repairs and maintenance b. Compare the condition of inventory from the
b. Legal previous year's count to the current year.
c. Utilities c. Compare inventory turnover from the previous

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year's inventory to the current year's inventory. c. perform tests of lower-of-cost-or-market.

d. Reconcile the inventory counts to the cost d. account for unused tags shown in the auditor's
accounting records. documentation to make sure no tags have been
added.
54. There must be a periodic physical count by the client of
the inventory items on hand: 61. Pricing manufactured inventory is difficult. Auditors
a. only if the client uses the LIFO method. must evaluate the method of allocating manufacturing
b. only if the client uses a lower-of-cost-or-market overhead for all but which of the following?
method. a. Reasonableness
c. regardless of the client's inventory valuation b. Computational correctness
method. c. Compliance with generally accepted auditing
d. only if the client uses either the LIFO or FIFO standards
method. d. Consistency

55. From which of the following evidence-gathering audit 62. When labor is a significant part of inventory, verifying
procedures would an auditor obtain most assurance the proper accounting of these costs should be tested in
concerning the existence of inventories? the:
a. Observation of physical inventory counts a. inventory and warehousing cycle.
b. Written inventory representations from b. payroll and personnel cycle.
management c. acquisitions and payments cycle.
c. Confirmation of inventories in a public warehouse d. cash cycle.
d. Auditor's recomputation of inventory extensions
63. Most companies, with the exception of small ones, have
56. When a physical count of inventory is performed at an effective controls over the payroll cycle.
interim date, the auditor observes it at that time and Auditors typically test details of account balances in the
tests the perpetual records for transactions: audit of payroll.
a. throughout the year. a. True, False
b. which are a representative sample of the period b. False, True
under audit. c. True, True
c. from the date of the count to year-end. d. False, False
d. from the date of the count to the end of the audit
field work. 64. Which of the following departments is most likely
responsible for pay rate changes and changes in
57. A common inventory observation procedure is to be deductible amounts for employees?
alert for items that are damaged, rust- or dust-covered, a. General Accounting
or located in inappropriate places. The balance-related b. Human Resources
audit objective being achieved by this procedure is: c. Treasury
a. classification. d. Controller
b. cutoff.
c. realizable value. 65. An auditor is vouching a sample of hourly employees
d. rights. from the payroll master file to approved time clock or
time sheet data in order to provide evidence that:
58. If an auditor were concerned with obtaining evidence a. employees work the number of hours for which they
about the appropriateness of the value of inventory, are paid.
which of the following tests would be most appropriate? b. payments are made at the contractual rate.
a. Compilation tests c. product cost information is accurate.
b. Price tests d. segregation of duties is present between the payroll
c. Confirmation of inventory held by outside parties function and the payment function for cash
d. Physical examination of the inventory disbursements.

59. The first step in verifying the valuation of purchased 66. To minimize the opportunity for fraud, unclaimed salary
inventory is in determining the valuation method used checks should be:
by the client. The next step is: a. redeposited.
a. determining that all inventory that is purchased is b. kept in the payroll department.
expensed through cost of goods sold. c. left with the employee's supervisor.
b. determining which costs should be included in the d. held for the employee in the personnel department.
valuation of an item of inventory.
c. determining that all inventory on hand reconciles to 67. Although significant client business risks affecting
the perpetual inventory records. payroll are unlikely for most companies, an area that
d. determining that cut-off procedures have been would have the most business risk would be:
adhered to prior to counting inventory. a. payment of hourly employees.
b. payment of salaried employees.
60. You are gathering evidence for the audit objective that c. payments to employees for stock options and bonus
existing inventory items are included in the inventory plans.
listing schedule. The audit procedure that would provide d. payments to employees who have direct deposit of
you with the best evidence to confirm this objective is: their payroll checks.
a. trace from inventory tags to the inventory listing
schedule and make sure the inventory tag is 68. When examining payroll transactions, an auditor is
included. primarily concerned with the possibility of:
b. trace the inventory totals to the general ledger. a. incorrect summaries of employee time records.

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b. overpayments and unauthorized payments. d. examine the balance sheet for proper disclosure of
c. under withholding of amounts required to be noncurrent portions.
withheld.
d. posting of gross payroll amounts to incorrect salary 76. When there are not numerous transactions involving
expense accounts. notes payable during the year, the normal starting point
for the audit of notes payable is:
69. Which of the following is a substantive test of a. a schedule of notes payable and accrued interest
transactions? prepared by the audit team.
a. Review personnel policies. b. a schedule of notes payable and accrued interest
b. Account for a sequence of payroll checks. obtained from the client.
c. Reconcile the disbursements in the payroll journal c. a schedule of only those notes with unpaid balances
with the disbursements on the payroll bank at the end of the year prepared by the client.
statement. d. the notes payable account in the general ledger.
d. Examine printouts of transactions rejected by the
computer as having invalid employee IDs. 77. Which of the following would generally not need to be
approved by the board of directors?
70. When labor is a material factor in inventory valuation, a. Issuing capital stock
the auditor should place special emphasis on testing the b. Repurchasing capital stock
internal controls concerning: c. Declaration of a dividend
a. fictitious employees. d. Payment of a dividend
b. authorization of wage rates.
c. proper classification of payroll transactions. 78. When a company maintains its own records of stock
d. completeness of recorded transactions. transactions and outstanding stock, internal controls
must be adequate to ensure that:
71. In auditing payroll, which of the following procedures a. actual owners are recorded in the bylaws.
will normally require the least amount of auditor time b. the correct amount of dividends is paid to
under normal circumstances? stockholders owning the stock on the dividend
a. Tests of controls record date.
b. Substantive tests of transactions c. the correct amount of dividends is paid to
c. Analytical procedures stockholders owning the stock on the declaration
d. Tests of details of balances date.
d. actual owners are recorded in the minutes.
72. Which of the following statements is correct?
a. The overhead charged to inventory at the balance 79. Which of the following types of owners' equity
sheet date can be understated if the salaries of transactions would require authorization by the board
administrative personnel are inadvertently or of directors?
intentionally charged to indirect manufacturing a. Issuance of capital stock
overhead. b. Repurchase of capital stock
b. When jobs are billed on a cost-plus basis, revenue c. Declaration of dividends
and total expenses are both affected by charging d. All of the above
labor to incorrect jobs.
c. Payroll is a significant portion of inventory for retail 80. In auditing debits and credits to retained earnings,
and service industry companies. OTHER than net income and dividends, the auditors first
d. The valuation of inventory is affected if the direct concern is:
labor cost of individual employees is improperly a. whether the transactions should have been included
charged to the wrong job or process. in retained earnings.
b. whether the transactions have been accurately
73. Which of the following statements is correct regarding recorded.
the capital acquisition and payment cycle? c. whether the transactions are classified correctly in
a. Bonds are frequently issued by companies in small the footnotes.
amounts. d. whether the transactions existed as of the balance
b. There are relatively few transactions and each sheet date.
transaction is typically highly material.
c. A primary emphasis in auditing debt is on existence. 81. The primary concern in determining whether retained
d. Audit procedures for notes payable and interest earnings is correctly disclosed on the balance sheet is:
income are often performed simultaneously. a. correct calculation of the net income or loss for the
year.
74. The auditor's independent estimate of interest expense b. correct calculation of dividend payments for the
from notes payable uses average interest rates and: year.
a. average notes payable outstanding. c. whether prior-period adjustments have been made
b. year-end notes payable outstanding. correctly.
c. only notes payable above the level of materiality. d. whether there are any restrictions on the payment
d. only notes payable to major lenders. of dividends.

75. The audit objective to determine that notes payable in 82. When conducting the audit of stockholders' equity it is
the schedule actually exist is verified by the test of normal practice to verify all capital stock transactions:
details of balances procedure to: a. only when the client is small.
a. foot the notes payable list. b. that are in excess of a material amount.
b. confirm notes payable. c. if there aren't very many during the year.
c. recalculate interest expense. d. regardless of the controls in existence, because of

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their materiality and permanence in the records. and inventory.

d. material control weaknesses in payroll.
83. Which of the following misstatements is most likely to
be uncovered during an audit of a client's bank 87. A major consideration in the audit of the general cash
reconciliation? balance is the possibility of fraud. The auditor must
a. Duplicate payment of a vendor's invoice extend his or her procedures in the audit of year-end
b. Billing a customer at a lower price than indicated by cash to determine the possibility of a material fraud
company policy when there are:
c. Failure to record a collection of a note receivable by a. large cash balances at the end of the year.
the bank on the client's behalf b. large cash receipts and disbursements during the
d. Payment to an employee for more than the hours year.
actually worked c. no imprest accounts used for payroll.
d. inadequate internal controls.
84. A partial-period bank statement and the related
canceled checks, duplicate deposit slips, and other 88. Listing all bank transfers made a few days before and
documents included in bank statements, mailed by the after the balance sheet date and tracing each to the
bank directly to the CPA firm's office, is called: accounting records for proper recording is a useful
a. a four-column proof of cash. approach to test for:
b. a year-end bank statement. a. kiting.
c. a cutoff bank statement. b. lapping.
d. a short-period bank statement. c. income smoothing.
d. channel stuffing.
85. In addition to confirming bank balances of your audit
client, a bank confirmation would normally contain: 89. The majority of financial instruments are valued using:
a. the client's bank loans with due date, interest rate, a. cost.
and collateral requested. b. fair value estimates.
b. the client's credit history as regards to paying back c. lower of cost or market.
loans. d. realizable value.
c. the client's managements bank account
information. 90. When dealing with financial instruments, the most
d. the client's business prospects. difficult balance-related audit objective to test is:
a. existence.
86. Auditors are likely to prepare a proof of cash when the b. accuracy.
client has: c. rights.
a. material control weaknesses in cash receipts and d. realizable value.
cash disbursements.
b. material control weaknesses in accounts receivable End of AT.3116
and revenue.
c. material control weaknesses in accounts payable

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