You are the internal audit senior for Happy New Year Inc. and is responsible for conducting an
assurance engagement on the purchases procedures as requested by your Chief Internal Auditor as
part of the annual audit plan for the year 2018. The Company has a dedicated purchases manager
who has provided you with the following information:
? Staff need to specify how much and when they want the products or services delivered.
? Staff then write the purchase order or requisition order.
? Before the order can be placed, it usually requires some kind of authority for its purchase.
? At this stage in the purchasing cycle, the order is placed and this becomes a contract
between the business and the supplier.
? The goods are then delivered, checked in the warehouse and entered into the inventory.
Shortages and breakages are reported to the supplier for the appropriate credits to be
? Usually within 30 days, the invoices are received and paid.
? The purchasing ledger and stock records are updated. This is automatically done by a
purchasing computer system.
HDJ Inc. generated $5.2 million in credit sales during the current year. The balance of the allowance for doubtful accounts at December 31 is $16,500 credit. Accounts rec...Jul 05 2021
The demand for shirts produced by a Canadian manufacturer has been estimated to be P=30 - Q/200 a. Compute the point elasticity at P=$10; at P=$15. b. How does the point ...Apr 30 2020
High-income people are willing to pay more than lower income people to avoid the risk of death. For example, they are more likely to pay for safety features on cars. Do y...May 07 2020
Draw an E-R diagram for the ordering system in Figure 13.26 . Chapter 15. Question 7). List the best data entry method and your reason for choosing it for each of the fiv...May 07 2020
What are the total underwriting fees generated if all the issue is sold? If only 60 percent is sold? Instead of taking a chance that only 60 percent of the shares wi...Nov 25 2019
You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.62, and the total portfolio is exactly as risky as the mark...Sep 02 2020
Maria Alvarez is investing $300,000 in a fund that earns 8% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 20 years?Vi...May 22 2020
61 randomly selected light bulbs were tested in a laboratory, 50 lasted more than 500 hours.find a point estimate of the true proportion of all light bulbs that last more...Apr 16 2020
There are fewest problems in distinguishing between which two market structures?a.oligopoly and monopolistic competitionb.monopolistic competition and perfect competition...Dec 12 2019
What is the mass of 2.00 L of an intravenous glucose solution with a density of 1.15 g/mL?Aug 22 2020