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Assignment on Accounting Software Programs

   

Added on  2020-04-07

9 Pages1776 Words34 Views
Running head: AUDITINGAuditingName of the studentName of universityAuthors note

1AUDITINGTable of ContentsAnswer to Question 1.................................................................................................................2Answer to Question 2.................................................................................................................4Answer to Question 3:................................................................................................................6Answer to Question 4:................................................................................................................8References:...............................................................................................................................10

2AUDITINGAnswer to Question 1.John would be assisted in the audit of accounts receivable balances of EducationalBooks Distributer Ltd in following ways:1.Accounting software programs would help in scrutinizing the manual producedfigures for the total gross value of invoice purchase that is produced against that isproduced on screen. Software enable checking accuracy of data by performingreasonable check, range check, character check and existence check (Boone et al.2017). 2.Software has integrated test facilities that helps auditors in gaining audit evidenceand performing the task of audit efficiently. This is done by establishment of creatingdummy records such as accounts receivable to which there can be processing ofdummy data. 3.Such software has embedded audit facilities that are considerably designed toperform audit functions and it can be activated and switched each time the programsis used. Items that are unusual are spotted and recorded and audit codes are used formarking transactions (Cannon et al. 2014). There will be perpetuated audit oftransactions with the embedded audit facilities in software programs. 4.The software provides a true revenue generating opportunities as this helps inimproving the cash flow of clients. Multiple accounts have streamlined reconciliationthat helps in facilitating seamlessness audit procedures (Glover et al. 2016). 5.Reconciliation of accounts receivable accounts is provided with internal control thathelps in providing reasonable assurance of work done by accountants while recordingthe transactions of accounts receivable.

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