Internal Controls of Grant Manufacturing Co
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Harris, CPA, has accepted an engagement to audit the financial statements of Grant Manufacturing Co., a new client. Grant has an adequate control environment and a reasonable segregation of duties. Harris is about to assess control risk for the assertions related to Grant's property and equipment.
Required
Describe the key internal control structure policies and procedures related to Grant's property, equipment, and related transactions (additions, transfers, major maintenance and repairs, retirements, and dispositions) that Harris may consider in assessing control risk.
AICPA
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Solution Summary
This solution examines and evaluates the internal controls of Grant Manufacturing Co
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17-22 Internal controls for plant assets
Harris, CPA, has accepted an engagement to audit the financial statements of Grant Manufacturing Co., a new client. Grant has an adequate control environment and a reasonable segregation of duties. Harris is about to assess control risk for the assertions related to Grant's property and equipment.
Required
Describe the key internal control structure policies and procedures related to Grant's property, equipment, and related transactions (additions, transfers, major maintenance and repairs, retirements, and dispositions) that Harris may consider in assessing control risk.
KEY INTERNAL CONTROL STRUCTURE POLICIES THAT HARRIS SHOULD CONSIDER:
Additions: (Property and Equipment):
1. The department getting the property and equipment needs to identify the property and equipment that it needs to purchase using an account code that is created at the time of ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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