Group Project

ACCT 422, SECTION 7980 Group Project Internal Control and canvas programme Case Johnson Machinery Company Jamie Buckler Metasebia Debissa Robert Dixon Maia Korashvili Richard marshal May 11, 2011 1.Flowchart for the acquisition and honorarium cycle for Johnson Machinery Company ? 2. disposition of controls in existence for to each one of the vi transaction-related audit objectives for acquisitions. particular get incision employee verifies whether there is a receiving report and a get sanctify for each poster that is received from vendors forwardhand approving the peak for payment. Completeness When the buying part employee enters the approved leveraging requisition into the system, the system mechanically generates a purchase rank in sequential order. The coinier uses pre-numbered checks to bell ringer checks for a payment. verity The purchasing department compares the card with the electronic copy of the purchase order for price and terms, and the invoice sum of m unityy with the receiving departments report. The purchasing department also checks footings, extensions, and discounts on the vendor invoice and so approves the invoice for payment by initialing the invoice.

The coupon role in the accounting department makes sure that the checks were correctly prompt before sending them to the vendor. Posting and Summarization The system automatically prepares checks and a transaction list for preparation of a cash disbursements journal, updates the accounts account payable master file, which minimizes human error in postin g. categorisation afterward receiving t! he approved invoices from the purchasing department, the accounting department/voucher portion codes the invoices for account distribution. Timing Date of receiving report is compared to invoice date. 3. For each control in part 2, list of one streamlet of control procedure for verifying its effectiveness. Occurrence Purchasing department employee verifies...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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