Please answer the following 6 discussion questions inatleast 100 words per question. Do not answer them as an essay. Please answer them under the question set.
1. Explain the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company. List several audit procedures in the acquisition and payment cycle that support your explanation.
2. List five tests of controls that can be performed for the payroll and personnel cycle and state the purpose of each control tested.
3. What major audit procedures are involved in testing for the ownership of inventory during the observation of the physical counts and as a part of subsequent valuation tests?
4. Define what is meant by compilation tests. List several examples of audit procedures to verify compilation.
5. Explain the relationship between the payroll and personnel cycle and inventory valuation.
6. Explain what is meant by an imprest payroll account. What is its purpose as a control over payroll?
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