https://padlet.com/AmazingAccounting/o0x1owarffiv Discussion Problem 9.24 en-us 2019-05-07 06:50:16 UTC 2019-05-07 09:10:15 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/373370837/575214fb4d7f415a09af475cc67e2454/audit_e1489003902524.png https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357521620 Foreign currency transaction]]> 2019-05-07 08:52:39 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357521620 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357521662 2019-05-07 08:52:49 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357521662 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357521712 2019-05-07 08:52:56 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357521712 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357522157 Conversion and rate of forex should be as per accounting standard]]> 2019-05-07 08:54:28 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357522157 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357522551 There’s a risk of material misstatement as conversion rate differ at different time and date and easy to be manipulated, due to incorrect rate applied. ]]> 2019-05-07 08:55:37 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357522551 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523254 Select a sample and recalculate as per the forex rate on the day. ]]> 2019-05-07 08:58:07 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523254 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523258 Select a sample of transaction and check the rate of that specific date and recalculate the amount]]> 2019-05-07 08:58:08 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523258 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523366 Select a sample of foreign exchange in Accounts Payable ledger and vouch with invoices and recalculate the amount with applied FX rates. ]]> 2019-05-07 08:58:34 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523366 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523380 Check the rate of the dollar on the day of the audit.]]> 2019-05-07 08:58:38 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357523380 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357525196 Freight on board - possibilities of consignment problem if the company is liable for the goods. ]]> 2019-05-07 09:05:15 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357525196 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357525366 Not communication of Freight and insurance agreement between the company and supplier can create a confusion to AP clerk and AP clerk can make error.]]> 2019-05-07 09:05:53 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357525366 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357525460 There’s a risk of misstatemt of Accounts Payable to be understated for some goods that are in transit over balance date.  ]]> 2019-05-07 09:06:15 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357525460 https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357526238 Select a sample of purchase orders and trace the documents with Accounts Payable ledger within the cut-off period. ]]> 2019-05-07 09:09:18 UTC https://padlet.com/AmazingAccounting/o0x1owarffiv/wish/357526238