Chapter 9 Production Cycle Accounting 4081Chapter 9.

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Presentation transcript:

Chapter 9 Production Cycle Accounting 4081Chapter 9

Accounting 408Chapter Internal Control Production cycle separate functions: authorization, issuing, production, stores, record keeping documents and records: production reports, transfer documents, accounting cost distribution records, inventory records

Accounting 408Chapter Internal Control Inventory risks important account dual effects subjective and complex accounting

Accounting 408Chapter Substantive Tests Inventory Inventory observation (GAAPro) (next slide) Test pricing goods in transit, consigned goods, returned goods Test inventory listing accuracy Confirmation Vouching transactions Cutoff tests - sales and purchases Analytical procedures

Accounting 408Chapter Substantive Tests Considerations in planning physical inventory auditor’s responsibility substantive test or test of controls? date stop production or not total count or sample cycle counts obsolete and defective goods counting process ensure accuracy of measuring methods and units shipments between locations outside inventory-taking firms consider using specialists auditors not present for count use experienced auditors

Accounting 408Chapter 96 2.Substantive Tests (continued) Inventory Existence and Occurrence observation, confirmation, cutoff tests Rights and Obligations vouching, confirmation Completeness analytical procedures, tracing, cut-off tests, confirmation, test listing accuracy

Accounting 408Chapter 97 2.Substantive Tests (continued) Inventory Valuation vouching transactions, test pricing, inventory list accuracy, recompute inventory method calculations, recompute LCM Presentation and Disclosure compare statement presentation to GAAP related party transactions, pledged inventory for loan, inventory method

Accounting 408Chapter Frauds Inventory fictitious inventory frauds McKesson & Robbins inventory count frauds MiniScribe, Phar-Mor often part of sales frauds

Chapter 19 Review Questions for Discussion Chapter ACCT