You are a senior auditor with Rodriguez & Jones, a small auditing firm located in Canterbury, an eastern suburb of Melbourne, Victoria. Your team has been assigned to the audit of a new client, Miller’s Merchandise, for the year ended 30th June 2021. Miller’s Merchandise is a Deepdene-based wholesaler offering for sale everything from baby food and beverages to snacks and vegetables, and everything in between.
You are planning the audit of accounts payable, where preparatory work has revealed the following:
- A key control to safeguard the valuation and allocation assertion is the use of key entry validation—an IT control whereby the Number of Units Purchased is multiplied by the Unit Cost and compared with the Total Cost as per the supplier’s invoice.
Explain the impact of overvaluation and allocation – refer to below data (There is only one supplier with a variance and is calculated by units purchased x unit cost. The variance is from the total cost recorded incorrectly but I need to explain it further.
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