ACCT644-1501A-01 Management Control and Auditing

| January 22, 2015

The procurement and payment cycle: There were 4,000 purchase orders that totaled $55 M for raw material. There is concern that not all purchases were completed using formal purchase orders, receipts did not match payment authorizations, and purchase orders were missing.

The capital acquisition and repayment cycle Two capital projects totaling $2.5 M may have been overspent by $600,000 and may not reflect the reported capital spending.
The sales and cash receipt cycle There were 15,000 invoices totaling $122 M in sales. Unauthorized discounts applied to invoices, credit terms applied to invoices may be incorrect, and unaccounted for invoice sequence numbering may be present.
The accounting for inventory There were 6,000 stock keeping units (SKUs) that totaled $22 M. Physical inventories reported inventory losses of $300,000.

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