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  • Written by Muhammad Ejaz
  • 27 Jul

 

FREE ACCA LSBF F4 NOTES 2018-2019 - FREE ACCA BOOKS PDFFREE ACCA LSBF F4 NOTES 2016-2017 - FREE ACCA BOOKS PDF

FREE ACCA LSBF F4 NOTES 2018-2019 - FREE ACCA BOOKS PDF

Exam question: Bingham (Sales System)

Your firm is the external auditor of Bingham Wholesale, and you have been assigned to the audit of the sales system.  Bingham Wholesale purchases textile products (e.g.

clothes) from manufacturers and sells them to retailers.

An initial review of the sales system has shown that control risk is likely to be low

with sufficient staff to achieve a proper free download for pdf division of duties.  Thus, the audit manager

has decided that the audit approach should be to record, evaluate and perform

extensive tests of controls.  If these confirm controls are effective, control risk will

be low, so only restricted substantive procedures will be carried out.

The company has a computerized accounting system which records purchases and

sales transactions and maintains records of debtors, creditors and stock (both quality

and value).  Access to the computer for retrieval of information and input of data is

through terminals.

Required:

You are required to describe ten control tests you would use on controls you

would expect to see in operation over sales from ordering to final cash

collection.

     (20 marks)

 

Question: Lake Foundry

Lake Foundry is a small company producing aluminum and copper components for

local industries.  The company uses traditional methods of manufacture and is

managed by Mr. W Shore and his son Mr. A Shore.  free acca books download pdf The ordinary share capital is owned

equally by the two men and the company is at present going through a transitional

stage, whereby Mr. W Shore is retiring from the business and transferring the majority

of his shareholding to his son.  The company employs 24 persons and has an annual

turnover of $650,000.

The accounting records comprise a memorandum (paper based) cash book, nominal

ledger, sales and purchase ledgers.  At present, sales orders, which are normally

received on the telephone, are recorded in a two-part delivery note book only when

the order has been produced and is ready for dispatch to the customer.  When the

goods are delivered, one part of the delivery note is given to the customer and the

 

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