Essay about Apollo Shoe Case Assignment

1833 Words Dec 17th, 2012 8 Pages
Apollo Shoes Case Assignment Apollo Shoes Inc., Anderson, Olds, and Watershed has enjoyed working with your company this year, and look forward for more to come. Enclosed are the item that your company has requested of us, while there are some improvements to be made, your staff has done a fantastic job in assisting us with our audit. We hope that we have assisted your company and answered any questions about improvements to be made.
Team C
Sales Internal Control Questionnaire for Apollo Shoes Audit
Internal Control Questionnaire—Sales Transaction Processing

Assertions and Questions Yes, No, N/A
Comments

Occurrence assertion: 1. Is the credit department independent of the sales department? Yes The credit manager is the
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Cash should be treated as a cash sale for accuracy of books as well as the customers cash payment may be overlooked in terms of applying it to the accounts relievable in their name. Inspection of Documents and Records Take sample size of both credit sales and cash sales. Look into how quickly the credit sales were paid back. Look into if the cash sales were logged correctly using companies current system.
S-3 Sales Invoice: Numerical Sequence The fact that this document is in numerical order means that there is a level of accountability. A company cannot be charged and given one invoice while the shipping department is given another with more product listed because they will have different numbered forms. Tracing Select a sample amount of sales invoices and follow them through their journey throughout the companies various departments. Look for signatures, as well as if mistakes had to be made, such as the amount of product being shipped out.
S-3
Sales Invoice:
Location Keeping these forms locked mean that others cannot order products to a clients account without them knowing about it. This also allows for a certain amount of accountability if forms are missing. Observation/Inquiry Look any information showing a gap in the sequence or signature from someone not in the billing department.
S-3 Multiple Copies of Sales Invoice Sending both the customer order and sales order to the account receivable department allow for

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