Get help for University-of-Phoenix ACC 492 Week Homework Help. Describe the revenue or payroll cycle at your organization? What source documentation is used in the revenue and payroll cycles at your organization? What internal controls components are commonly found among the revenue and payroll cycles? What components are unique to each cycle? Post your flowchart in the Assignments folder. Prepare flowcharts of the revenue and payroll cycle in your organization. Then, prepare a 300-500-word examination of the cycles. Be sure to examine the internal controls within each cycle and any internal controls limitations that may exist. Click on the link for Ch. 14 of Modern Auditing on the course website. Click Download eBook on the left-hand side of the page. 1. In an accrual accounting system, revenues are recognized as goods are delivered or as services are rendered. 2. Give a brief definition of revenue. 3. How are revenues measured?

4. List any three types of transactions normally processed by the revenue process. How might a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors? How might a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors? Internal Controls Questionnaire. Select a Learning Team member’s organization as the basis for this and subsequent Learning Team meeting assignments. Develop and complete an internal controls questionnaire for either an asset- or liability-related business cycle within the selected organization. 1. Expenses are normally accrued at the end of the accounting period by a small business that follows the cash method of accounting. 2. List two expense accounts that are usually accrued at the end of an accounting period.

3. Name the document that is usually completed before a purchase order is executed. 4. Which assertion is of primary importance to the auditor in auditing accounts payable? Identify three analytical procedures that an auditor might perform with respect to plant assets and explain how they might assist in identifying potential misstatements. What is the fraud known as kiting, and how can the auditor detect it? What is the fraud known as lapping, and how can the auditor detect it? 1. Internal control is a process effected by an entity’s board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives. 2. What are the two main objectives for conducting preliminary analytical procedures? 3. List the two types of audit tests. 4. List three factors that affect an organization’s control environment. What types of opinions does an auditor issue other than unqualified opinion?

How does an opinion other than unqualified opinion affect the client? In your opinion, which is the worst? Audit Program Presentation. Prepare 8-10 Microsoft® PowerPoint® slides illustrating your Learning Team’s Audit Questionnaire and the results of your completed Audit Program. Post your answers to the Assignments folder of the responsible individual. 1. The auditor’s responsibilities with regard to audit works is usually up to the last date of field works. 2. Name the various types of opinions expressed by an independent auditor. 3. List the three types of going concern issues. 4. Describe very briefly three conditions under which an auditor issues a qualified report. Issuing Audit Reports Simulation. Complete the simulation “Issuing Audit Reports” located on the Materials page. What are the different types of audit reports and when should each be used? In what types of situations would an auditor be allowed to issue an unqualified audit report? To what extent is the auditor liable for misstatements in the financial statements of the audited company? Submit your Course Summary the Main Classroom forum. Submit a brief Course summary indicating what you have learned from this course over the past 5 weeks.

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