MODERN AUDITING 7th Edition精选.pptVIP

Control Activities — Purchase Transactions If the auditor plans to assess control risk as low, he or she will usually have to: 1. test the effectiveness of general controls, 2. use computer-assisted audit techniques (CAATs) to evaluate the effectiveness of programmed controls, and 3. test the effectiveness of procedures to follow up on exceptions identified by programmed controls. Common Documents and Records Important documents and records used in processing cash disbursement transactions include the following: 1. Check. Formal order to a bank to pay the payee the amount indicated on demand. 2. Check summary. Report of total checks issued in a batch or during a day. 3. Cash disbursement transaction file. Information on payments by check to vendors and others. Used for posting to the accounts payable and general ledger master files. 4. Cash disbursement journal or check register. Formal accounting record of checks issued to vendors and others. Control Activities — Cash Disbursement Transactions Control Activities — Cash Disbursement Transactions Functions The cash disbursement function is the process by which a company provides consideration for the receipt of goods and services. The cash disbursement function normally involves simultaneously paying the liability and recording the cash disbursement. Example control procedures are summarized in Figure 15-7. Control Risk Components — Cash Disbursement TransactionsFigure 15-7 Control Activities — Cash Disbursement Transactions Obtaining an Understanding and Assessing Control Risk The auditor should obtain an understanding of internal controls that is sufficient to plan the audit. If the auditor plans to a low assessed level of control risk for an assertion, he or she will probably need to understand specific control procedures related to that assertion. Tests of controls provide the means for assessing the effectiveness of internal contr