The warehouse in a year inventory turnover of 12 means the average inventory moves through the warehouse once per month turns of 6 times means the average inventory the inventory turnover measure is a ratio of flow to average inventory as such, it is somewhat of an abstract concept. Audit program design part ii audit program design part ii acc/546 january 31, 2011 at anderson, olds, and watershed, we have developed the following test of controls, substantive test of transactions, and analytical procedures for the audit of the sales and collection cycle, the payroll and personnel cycle, and the acquisition and payment cycle of apollo shoe company. Reduce inventory throughout the cycle, but especially work in process and finished goods inventories that means your suppliers have to be able to meet your on-time delivery requirements so you have just enough of what you need when you need it.
Audit report and audit program design cash cycle capital acquisition cash cycle the audit of the cash cycle is designed to ensure existence, completeness, accuracy, classification, timing and summarization. Before the two accounts, inventory and warehousing and cash cycles can be audited, the auditor in charge of the apollo shoes account must first prepare the overall audit plan and audit program for apollo shoes, inc the audit plan and program significantly affects the types and extent of further audit procedures to be used by the auditor in. To form the basis of an opinion on the fairness of the financial statements, the third generally accepted fieldwork standard requires the gathering of sufficient competent evidential matter substantive tests are the procedures by which auditors gather this evidential matter although the nature, extent, and timing of substantive tests is a matter of professional judgment, [. The expenditure cycle – part i when it is decided that inventory needs replenishment in a manufacturing environment, this would occur in the production planning department the goods warehouse other copies go to purchasing, inventory control, and accounts payable.
Design tests of controls, substantive tests of transactions, and analytical procedures for the following apollo shoes cycles: inventory and warehousing cycle apollo shoes, inc. Design tests of controls, substantive tests of transactions, and analytical procedures for the following apollo shoes cycles: inventory and warehousing cycle cash cycle. Resource:apollo shoes casebook design tests of controls, substantive tests of transactions, and analytical procedures for the following apollo shoes cycles: inventory and warehousing cycle cash cycle admin related posts january 25, 2018. Some pallets of obsolete shoes were found near the back of the warehouse, with no written records such ineptitude of company gives rise to risk of loss of obsolescence, non-identification of inventory theft, scrap of good inventory, etc and inventory is subject to risk of physical deterioration and from unauthorized use or disposal. For more classes visits wwwsnaptutorialcom design tests of controls, substantive tests of transactions, and analytical procedures for the following apollo shoes cycles: inventory and warehousing cycle cash cycle.
Audit program design part iii audit program design part iii inventory and warehousing cycle the audit of the inventory and warehousing cycle is designed to test published this ensure that apollo shoes has no cycle such as processing customer orders, granting credit , shipping goods, billing customer , recording sales , processing cash. Glossary of inventory management and warehouse operation terms all definitions written by dave piasecki below are some of the terms, acronyms, and abbreviations you may run into on this site and others on the web relating to inventory operations. Apollo shoes trial balance - free download as excel spreadsheet (xls), pdf file (pdf), text file (txt) or read online for free scribd is the world's largest social reading and publishing site search search. Chapter 21 audit of inventory cycle key objectives: 1 describe the business functions and the related documents and records in the inventory and warehousing cycle. Rcv auditing firm will conduct part iii of the audit of apollo shoes and will focus on two areas of concern, those being inventory and warehousing cycle and cash words: 564 — pages: 3.
Conduct cycle counts of inventory and review the results with inventory manager and or warehouse managera global leader in digital and mobile, oath is shaping. All areas of inventory and warehousing cycle are important to apollo shoes to ensure that the company has the proper policies and procedures in place to deter any possible fraud within the company our audit team will review receiving documents and verify that these have been properly matched to purchase orders and approved by authorized company personnel. Both departments (a/r and a/p) at apollo shoes need to be separated and they should be highly structured to prevent any potential fraud or other misstatements within the accounts receivable portion of the cash cycle, it is important that separate logs be maintained. Apollo shoe case - inventory cycle essay submitted by: micaljac there are four types of transactions involved in the inventory and warehousing cycle of apollo shoes, inc, ordering of goods for sale, receipt of the ordered goods, storage of the merchandise, and the shipping of goods to customers. In reporting second-quarter results, walmart officials said the chain is holding more inventory for certain items at its distribution centers rather than in store backrooms in a bid to improve flexibility across its supply chain.
Free essays on apollo shoes engagement letter apollo shoes is satisfied with the services your firm offers and wants to continue with the audit and analytical procedures for the following apollo shoes cycles: • inventory and warehousing cycle • cash cycle. Inventory and warehousing cycle test of controls the auditor in charge has to determine the control procedures over the inventory and warehousing cycle of apollo shoes, inc and their deficiencies in designing the test of controls. Uop acc 546 week 2 individual assignment beginning the audit report apollo shoes is satisfied with the services your firm offers and wants to continue with the auditapollo shoes would like you to prepare a letter explaining how you plan to begin the audit process include with your letter the following documents for the management at apollo shoes. Audit program design part iii for apollo shoes crystal spencer acc/546 september 24, 2012 deborah fitzgerald thomas sloan and spencer auditing firm during phase iii of apollo shoes audit plan, we will focus in two key cycles, which are the following: inventory and warehouse cycle and cash cycle.
Supply chain and logistics terms and glossary updated february, 2010 please note:the international warehouse logistics association (iwla) does not take responsibilityfor the content of these definitions and doesnot endorse theseas official. My book comprehensive treatment of inventory accuracy in distribution, manufacturing, and fulfillment operations covers cycle counting, ba.