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relative to purchase exist at year-end in the ordinary course of business > To determine whether all transactions relative to purchases are recorded in proper accouting period. >To deterrmine whether purchase discounts are recorded and presented at proper amounts. Audit Assertions Affected > Occurrence > Completeness >Measurment Audit Procedures: 1. Examine purchase invoices for several days both before and after the year-end. 2. Observe the taking of physical inventory and conduct test counts. 3. Examine purchase invoices for several days both before and after the year-end. 4. Trace invoices to the purchases and accountspayable records from the legers. 5. Recalculate the purchase discount from the accounts payables. Findings:
Conclusion: No exceptions noted. Prepared by: Reviewed by: Initial Date Initial Date
MJFV
3/1/2013
se of business
> To determine whether all transactions relative to purchase exist at year-end in the ordinary course of business
> To determine that purchase discount arae recorded at the proper amount. Assertions Affected > Occurrence > Measurement Audit Procedures
1. Obtain list of inventory and reconcile to ledgers. 2. Observe the taking of physical inventory and conduct test counts. 3. Recalculate the purchase discount from the accounts payables.
Findings > The purchases account dont have beginning balances which reflects the purchases made from January to November thus the assumption is
Date
Purchased From:
Merchandise Inventory (VAT Excluded) Php 369,419.64 1,272,321.43 410,357.14 1,428,571.43 30,535.71 78,125.00 1,116,071.43 12,500.00 11,830.36 75,892.86 75,892.86 277,901.79 4,464.29 116,071.43 10,937.50 22,991.07 40,178.57 11,897.32 147,321.43 17,075.89 225,223.21 138,928.57 5,894,508.93
Dec.
1 2 3 6 7 9 10 12 15 16 18 20 21 22 23 24 26
27 28 29 30
Arboleda Co.,Inc. Genius Paper Products Sapphire Corporation Genius Paper Products Arboleda Co.,Inc. Arboleda Co.,Inc. Genius Paper Products Sapphire Corporation Genius Paper Products Arboleda Co.,Inc. Sapphire Corporation Genius Paper Products Arboleda Co.,Inc. Genius Paper Products Sapphire Corporation Arboleda Co.,Inc. Genius Paper Products Sapphire Corporation Genius Paper Products Arboleda Co.,Inc. Genius Paper Products Arboleda Co.,Inc. Total
Php
Footings checked.
MJFV
om January to November thus the assumption is that it was already closed to retained earnings.
Remarks
5,894,508.93
>To determine whether inventory included in the inventory list are accurate and inventory quantities includes both inventory on hand and in t >To determine whether all transactions regarding inventory are recorded properly. Assertions Affected: >Completeness Audit Procedures:
1. Examine purchases invoices for several days both before and after the year-end. 2. Trace invoices to the purchases and accounts payable records from the legers.
Findings: Quantity in Units 650 6000 850 500 1300 1500 1500 1500 1000 1600 1200 500 250 100 2500 3000 2000
Supplier
Invoice Number
Invoice Date
Item
Sapphire Corporation Genius Paper products Arboleda Company, Inc. Genius Paper products
825
Dec.30, 2011
Sapphire Corporation
770
Jan.3, 2012
Typewriter Ribbon Thin Notebook Elmer's Glue Charcoal Pencil Bond paper- Whitey Bic Ballpen-Black Bic Ballpen-Blue Bic Ballpen-Red Yellow Pad Elmer's Glue Typewriter Ribbon Bond paper- Whitey Yellow Pad Bond paper- Whitey Bic Ballpen-Black Bic Ballpen-Black Bic Ballpen-Black
Included in inventory count on January 4, 2012, but should not be included in inventory as of December 31, 2011
Conclusion:
No exceptions noted.
Date 3/1/2013
Initials
MJFV
Terms
Included in Inventory? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Should be Included in Inventory? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No
Remarks
Cash 2/10, n/30 1/10, n/15 2/10, n/30 2/10, n/30 2/10, n/30 2/10, n/30 2/10, n/30 Cash Cash Cash Cash Cash Cash Cash Cash Cash
h supporting invoice.