Transcription of Common Audit Findings and Recommendations
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Common Audit Findings and Recommendations
Common Audit Findings Common Audit Findings and Recommendationsand RecommendationsRose Blakely, CPAP residentCurtis Blakely & Co. O. Box 5486 Longview, TX 75608903-758-07342007 NTCA Finance and Accounting of Control Risk Auditors are most concerned with control weaknesses which could lead to material fraud or misstatement of financial statements. However, auditors should consider management s expectations. Thus, auditors may want to look at the Company s controls with regards to areas which are of concern to management even though they may not be material to the financial statements. Examples:1. Petty cash2. Travel advances3. Adjustments to customer accounts receivable34 Common Control Weaknesses Cash ControlsFindings:1. Customer payment stubs not stamped with date Checks not stamped For Deposit Only when Service order payments and deposits held until service order is :1.
2 Assessment of Control Risk • Auditors are most concerned with control weaknesses which could lead to material fraud or misstatement of financial statements.
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