lakeside company inventory purchase abd cash disb transactions.docx

8/9/2019 LAKESIDE COMPANY inventory purchase abd cash disb transactions.docx

http://slidepdf.com/reader/full/lakeside-company-inventory-purchase-abd-cash-disb-transactionsdocx 1/3

LAKESIDE COMPANY

INVENTORY PURCHASES AND DISBURSEMENTS TRANSACTIONS

DECEMBER 31,1991

DATE PAYEE CHECK NO. $ AMOUNT AUDIT

PROCEDURES

1/4/91 Cypress Products 0961 $ 12610.47 √ /\ t


4/1/91 Cypress Products 2322 $ 4210.40 √ A /\ t




7/25/91 Cypress Products 4230 $ 2292.40 √ A /\ t


9/13/91 Cypress Products 5020 $ 318.41 √ /\ t 10/20/91 Cypress Products 5552 $ 15440.91 √ /\ t



Comment!

A Prices o purc!"ses o# 4/1/91 "d 7/25/91 do ot "ree %it! t!e &"ster Price 'ist (y $200 "d $360 respecti)e'y. Accordi to *d%"rd +!o, "s- t!e di##erece represets ,ot!'y purc!"ses #ro, Cypress "t di##eret prices t!" s!o% i t!e curret price 'ist.

PASS "URTHER #ORK

B Purc!"se reuisitio docs do ot "ree %it! recei)i report #or oe ite,. +!o,"sidic"ted t!"t rep'"ce,et %it! " si,i'"r ite, %"s ,"de (ec"use o# stocout.

PASS "URTHER #ORK

C our reuisitios %ere "ppro)ed (y &i''er r"t!er t!" oers .+!o,"s idic"ted t!"to'y reuisitios esti,"ted to (e o)er $ 1-000 ,ust (e "ppro)ed (y oers.

CHANE SYSTEM "LO#CHART

PASS "URTHER #ORK

AUDIT PROCEDURE!



√ +r"ced to purc!"se i)oice. oted "ree,et %it! ",out o# c!ec "d p"y,et d"te.*"c! dis(urse,et is 3 'ess t!" t!e i)oice ",out- represeti t!e c"s! discout. A''discouts %ere rec"'cu'"ted.

Co,p"red i)oice price %it! &"ster Price ist. A'' "reed ecept A

*",ied purc!"se i)oices #or e)idece t!"t co,p"y e,p'oyees )eri#y prices-etesios "d #ootis. &"ris or iiti"' preset i "'' c"ses.

eri#ied ,"t!e,"tic"' "ccur"cy o# etesios "d #ootis o# i)oice.

/\ *",ied c"ce''ed c!ec #or ",outs- d"tes- si"ture- edorse,et "d p"yee.

t *",ied recei)i report #or "ree,et %it! purc!"se "s to descriptio "d u"tity.A'' reports %ere proper'y sied (y eit!er +!o,"s or isdo.

*",ied purc!"se reuisitio #or "ree,et %it! recei)i report "d i)oice.

eri#ied "ccout code. A'' reuisitios %ere proper'y "ppro)ed ecept B "d C

AUDIT OB%ECTIVES!

+o )eri#y t!"t "'' ,erc!"dise %"s proper'y ordered "d recei)ed "d is #or 'eiti,"te (usiess purpose.

+o )eri#y t!"t epese "d "ssets "re proper'y )"'ued "d c'"ssi#ied. +o )eri#y t!"t c"s!dis(urse,ets "re #or 'eiti,"te co,,it,ets "d proper'y recorded.

AUDIT CONCLUSION!

Purc!"ses "d is(urse,ets tr"s"ctios "re #"ir'y st"ted per t!e (oos.

SCOPE!



:"; Popu'"tio A'' purc!"ses #ro, Cypress Products:(; <",p'e =ud,et"' -<e'ected 12 dis(urse,ets #or ,erc!"dise #ro, Cypress #ro,

C"s! is(urse,ets =our"'.

P&e'(&e) *+!

Re-ee) *+!

A''&oe) *+!

D(te!

lakeside company inventory purchase abd cash disb transactions.docx

Documents