Notes On Financial Systems And Auditing

Words: 6680

Pages: 27

Open Document

|NAME OF STUDENT |Hoang Ngoc Bich |
|REGISTRATION NO. |3052 |
|UNIT TITLE |Unit 11: Financial Systems and Auditing |
|ASSIGNMENT TITLE |Accounting and Management Control Systems |
|ASSIGNMENT NO |1 of 2 |
|SUBMISSION DEADLINE |Oct 26 2009 …show more content…
2 Book of Prime Entry

The information from source document will be copied daily into Book of prime entries such as Sales/ Purchase day book, Sales/ Purchase returns day book, Cash book and Petty cash book.

1 Purchase day book

When Millennium received invoices from its suppliers, the invoice will be check with the good receive note (GRN). If they are matched, the details will be recorded in Purchase day book. This book contains information such as name of supplier, date, quantity and amount of invoice. It also includes the purchase ledger folio for each supplier, which is a reference to the purchase ledger.

The detail in Purchase day book will then be posted to Purchase ledged weekly, and the total will be post in Nominal Ledger monthly.

The Sales day book is completed in the same way as Purchase day book. Sales day book is used to record list of all invoices that Millennium sends to customer. The different thing is that information in sales day book contains invoice number of each transaction.

2 Purchase returns day book

In case that Millennium returns certain amount of goods to supplier, the company’s payment made for the supplier will be reduced. The reduction in quantity of inputs, as well as the expense, will be recorded in Purchase returns day book. This book is presented in the same way as in Purchase daybook.

The sales return day book is also similar to purchase returns day book. It records the products which are sent back to

Essay about Financial System and Auditing

Tesco…………………………………………………………………….. Effectiveness of Accounting System at Tesco ………………………………………….. The main financial statements of Tesco. ………………………………………………... Financial statement……………………………………………………………….. Benefits of the financial statements……………………………………………… Income statement ………………………………………………………………… Benefits of the income statement………………………………………………… Cash Flow statements……………………………………………………………. Benefits of the financial statement………………………………………………. Accounting concepts…………………………………………………………………………

Words 6188 - Pages 25

Essay about Deloping: Financial Systems

and procedures that framework auditing and reporting on financial systems and records. Reporting periods Taxation payment timings Delegated authorities Internal control procedures Taxable transactions Question Two Indentify the key Australian Accounting Industry professional standards for auditing and reporting on financial systems and records. Australian Accounting Standards Board (AASB) Australian Accounting Standards Australian Auditing Standards Auditing Guidance Statements Ethical…

Words 468 - Pages 2

Essay Building Conceptual Frameworks

Auditing is a vital part of accounting. Traditionally, audits were mainly associated with gaining information about financial systems and the financial records of a company or a business. Financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system's internal control. The goal of an audit is to express an opinion of the person / organization / system (etc.) in question, under evaluation based on work done on a test basis…

Words 1831 - Pages 8

Accounting Information Systems Research Paper

Accounting Information Systems Research Paper Abstract The Sarbanes-Oxley Act of 2002 (SOX) was enacted into law in 2002 in the wake of corporation financial reporting scandals involving large publicly held companies. SOX instituted new strict financial regulations with the intent of improving accounting practices and protecting investors from corporate misconduct. SOX requires corporate executives to vouch for the accuracy of financial statements, and to institute…

Words 3030 - Pages 13

Essay on accounting study materials

Question 1 and 2 France Overview “The Plan” – national uniform chart of accounts (national accounting code) Objectives and principles of financial reporting Definitions of elements Recognition and valuation rules Standardized chart of accounts Model financial statements Other influences on French accounting rules Commercial legislation (Code de Commerce) Tax laws Accounting regulation and enforcement CNC – National Accounting Board Keeps plan current Makes rulings and recommendations…

Words 1843 - Pages 8

The Role Of The Public Accountant In The American Economy

number of companies that restated their previously issued financial statements as a result of accounting irregularities and fraud. Especially responsible were the very visible Enron and WorldCom fraud cases. Both companies filed for bankruptcy and constituted the largest companies in American history to do so. The extent of the accounting irregularities and fraud being investigated and disclosed brought into question the effectiveness of financial statement audits. In addition, the criminal conviction…

Words 5490 - Pages 22

Auditing: Analytical and Logical Skills Essay

ACG 4632 Introduction to Financial Statement Auditing Spring 2015 Section 422 Instructor: Devin Williams, CPA 1-1 Chapter 1 An Introduction to Assurance and Financial Statement Auditing Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. LO# 1 The Study of Auditing The study of auditing is different from other accounting courses that you have taken in college because … OTHER COURSES Rules…

Words 1268 - Pages 6

Essay on Audit notes

1 The study of auditing focuses on learning the analytical and logical skills necessary to evaluate the relevance and reliability of the information as well as the systems and processes responsible for recording and summarizing that information. Important to understand that the relationship between owner and manager often results in information asymmetry between the two parties Information asymmetry means that the manager generally has more information about the “true” financial position and results…

Words 762 - Pages 4

Internal Control and Auditing Standard no. Essay

Public Company Accounting Oversight Board Auditing Standard No. 5 Abstract The purpose of this paper is to discuss the emerging issues that Auditing Standard No. 2 had that were later fixed by Auditing Standard No. 5. The paper describes the events leading up to the issue and background information of the issue. It also outlines the general arguments regarding the subject and the solution to the issue which was Auditing Standard No.5. AS5 officially replaced Public Company Accounting Oversight…

Words 2176 - Pages 9

Cox Research Paper

Sarbanes-Oxley Act of 2002 and its effect on internal controls and small businesses. Also, I will discuss the purpose and specific pronouncements related to accounting information systems and internal controls; as well as the impact of possible future pronouncements. Keywords: Sarbanes-Oxley, PCAOB, Accounting information systems The Sarbanes-Oxley Act and the PCAOB Massive accounting scandals in the United States between 2001 and 2002 involving notorious companies, such as Enron, Worldcom, Tyco…

Words 2490 - Pages 10