ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

Pinnacle Manufacturing Part VII DeVry University Professor: Randolph Stanley Team C: Laura Effie, Kafumba Kenneth, James Guthrie, Melissa Teeter, Thomas Hecker Maria Castill o6/19/2014 The purpose of this report is to continue to perform analytical procedures in order to gain a better understanding of the different phases of an audit.

INTEGRATED CASE APPLICATION—PINNACLE MANUFACTURING: PART VII 16-35

(Objectives 16-2, 16-3, 16-4)

Parts III, V, and VI of this case study dealt with obtaining anunderstanding of internal control and assessing control risk for transactions affecting accounts payable of Pinnacle Manufacturing. In Part VII, you will design analytical procedures and designand perform tests of details of balances for accounts payable.

Assume that your understanding of internal controls over acquisitions and cash disbursements and the related tests of controls and substantive tests of transactions support an assessment of a low control risk.

The listing of the 519 accounts making up the accounts payable balance of $12,969,686 at December 31, 2011 is included under the Pinnacle link on the textbook Web site.

Required

a.)List those relationships, ratios, and trends that you believe will provide useful information about the overall reasonableness of accounts payable.

You should consider income statement accounts that affect accounts payable in selecting the analytical procedures.

During this course we have analyzed Pinnacle Manufacturing’s financial statements balance sheet for the year ending December 31, 2011.

Through this analysis we evaluated the list of accounts payable for any large or unusual amounts and unusual vendors.

We also compared the accounts payable account with previous years. Furthermore, we compared several analytical procedures that affect the accounts payable of Pinnacle Manufacturing.

The accounts payable turnover ratio has increased .56% from the previous year which indicates that the company is doing a better job of paying its vendors.

The company’s accounts payable trends had consistent increases from 2009-2011. Subsequently, there were not significant

ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

ACCT 444 auditing School: DeVry University (DeVry University, Chicago) *Professor:Carlos Caraballo, Cherry, hayes, N/A, TracieHayes, Drakapo… Documents (422) Q&A (25) Textbook Exercises Most important docs of the week 8 pagesACCT444_W2_HW_MLACCT444_W2_HW_ML DeVry University, Chicago auditing

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

ACCT 444 – Summer 2019 Register Now ACCT444_W3_HW_SO.docx auditing Documents All (422) Essays (15) Homework Help (178) Lab Reports (5) Notes (20) Test Prep (56) Showing 1 to 30 of 422 Sort by: Most Popular 9 pagesACCT444_Week6_ProjPartVI_MG.docxACCT444_Week6_ProjPartVI_MG.docx DeVry University, Chicago auditing

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

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ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

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ACCT 444 – Fall 2020 Register Now ACCT444_Course Project Wk 4_GarciaCrystal.docx auditing Tests Questions & Answers Showing 1 to 8 of 25 View all Please see attachments for details 1 2 3 4 5

Does coursehero do powerpoint presentation 1 2 3 4 5 Access AICPA Auditing Standard AU-C 450, Evaluation of Misstatements Identified During the Audit ( www.aicpa.org ), to answer the following questions:

Describe 1 2 3 4 5 Gale Brewer, CPA, has been the partner in charge of the audit of Merkle Manufacturing Company, a nonpublic company, for 13 years. Merkle has had excellent 1 2 3 4 5

Auditors develop overall audit plans to ensure that they obtain sufficient appropriate audit evidence. The timing and extent of audit procedures auditors use 1 2 3 4 5 The following are three situations, all involving nonpublic companies, in which the auditor is required to develop an audit strategy: The client has inventory 1 2 3 4 5

ACCT 444 ACCT444 ACCT/444 Course Project_Week 7_Team C

The following are independent internal controls commonly found in the acquisition and payment cycle. Each control is to be considered independently. Before a 1 2 3 4 5 10-35(Objectives10-2,10-3,10-4) Kent, CPA, is the engagement partner on the financial statement audit of Super Computer Services Co. (SCS) for the year ended 1 2 3 4 5

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