Use the following information for Problems 12-30 and 12-31:
Your client, Raptor Manufacturing, is a large public company that manufactures afterburning turbofan engines for F-22 fighter jets.
AND SO ON
Problem 12-30 Identify and list the company controls in place related to purchase transactions and cash disbursements.
(a) For each control identified:
• state the purpose of the control.
• state which management assertion(s) are related to the control.
• list the procedures and documents needed to test the control.
(b) What are some additional controls that could be implemented to improve Raptor Manufacturing’s control environment pertaining to its purchases and cash disbursements cycle?
Problem 12-31 Which of the controls identified in Problem 12-30 could be audited using a dual purpose test. How would this change the procedures and documents needed?
Click here for the solution: Your client, Raptor Manufacturing, is a large public company that manufactures afterburning turbofan engines for F-22 fighter jets
