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Case 5: Test of Controls: The Revenue and Cash Receipts Cycle
Instructions: Answer all the questions that appear below (and also in Exhibit 5-1) regarding accounts receivable control procedures. Use this case and Exhibits 4-4 and 4-5 to complete this questionnaire.
Case 5 - Exercise 1
Abernethy and Chapman
Internal Control Questionnaire - Accounts Receivable
Client: The Lakeside Company
Prepared by:
Date:
Questions
Comments on Current System
Significance
Suggestions
1
Does an independent party on a regular basis reconcile the subsidiary ledger?
2
Are appropriate, established criteria in place for writing off doubtful accounts?
3
Are accounts to be written off properly reviewed and authorized by an independent party?
4
Is an appropriate follow up made on accounts that are written off?
5
Does the company periodically re-evaluate the method in use for estimating bad accounts?
6
Are customers billed regularly by a party separate from the subsidiary ledger?
7
Is an independent verification made of complaints from customers concerning their bills?
8
Was the company’s policy of granting credit changed over the past year?
9
Can a credit sale possibly be made without prior credit approval?
10
Are credit files complete and periodically reviewed?
11
Are invoices verified as to agreement with goods shipped and price of goods?
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