10-1. Auditing Business Process. Objectives Understand the Auditing of the Enteties Business. Process

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1 10-1 Auditing Business Process Auditing Business Process Objectives Understand the Auditing of the Enteties Business Process Identify the types of transactions in different Business Process Asses Control Risk for Business Process Relevant Auditing Pronouncements ISA 230 Audit Documentation ISA 320 Audit Materiality ISA 500 Audit Evidence ISA 505 External confirmation ISA 520 Analytical Procedures ISA 540 Audit of Accounting Estimates ISA 545 Auditing Fair Value Measurements

2 10-2 Revenue Process Revenue is defined as the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants. Overview of the Revenue Process Cash Sale Credit Sale Purchases Cash collection Purchases Cash sales Account receivable Inventory Inventory Credit sales

3 10-3 Types of Transactions and Financial Statement Accounts Affected Three types of transactions are typically processed by the revenue process: 1. The sale of goods or rendering of a service for cash or credit. 2. The receipt of cash from the customer in payment for goods or services. 3. The return of goods by the customer for credit or cash. Types of Transactions and Financial Statement Accounts Affected The revenue process affects numerous accounts in the financial statements. The most significant accounts are: Type of Transaction Account Affected Sales transactions Trade accounts receivable Sales Allowance for uncollectible accounts Bad-debt expense Cash receipts transactions Cash Trade accounts receivable Cash discounts Sales return and allowance Sales returns transactions Sales allowances Trade accounts receivable Types of Documents and Records Customer Sales Order Credit Approval Form Open Order Report Shipping document Sales Invoice Sales Journal Customer Statement Account Recievable Subsidiary Ledger Aged Trial Balance of Accounts Recievable Remittance Advice

4 10-4 Inherent Risk Assessment The four inherent risk factors that may affect the revenue process are: 1. Industry-related factors. 2. The complexity and contentiousness of revenue recognition issues. 3. The difficulty of auditing transactions and account balances. 4. Misstatements detected in prior audits. Control Risk Assessment Understanding and documenting the revenue process based on a reliance approach. Planning and performing tests of controls on revenue transactions. Setting and documenting the control risk for the revenue process. Understanding and Documenting Internal Control Control Environment Understanding the control environment is generally completed on an overall entity basis. The Entity s Risk Assessment Process The auditor must understand how management considers risks that are relevant to the revenue process. The auditor should estimate the significance of the risk and assess the likelihood of occurrence.

5 10-5 Understanding and Documenting Internal Control Control Activities The auditor identifies what controls ensure that the assertions for transactions and events are being met. Documentation of the auditor s understanding of the revenue process can be accomplished by using: Procedures manuals Narrative descriptions Internal control questionnaires Flowcharts Information Systems and Communication Process by which sales, cash receipts and credit memoranda are initiated. The flow of each transaction from initiation to inclusion in the financial statements. Auditor s knowledge Accounting records, supporting documents and accounts that are involved in sales, cash receipts and sales returns. The process used to prepare estimates for bad debts and sales returns. Planning and Performing Tests of Controls The auditor systematically examines the client s revenue process to identify relevant controls that help to prevent, or detect and correct material misstatements. In order to properly set control risk the auditor must test controls over the revenue process. Such tests may include... Inquiry of client personnel. Inspection of documents and records. Observations of the operation of the control. Walkthroughs. Reperformance of the control activities.

6 10-6 Setting and Documenting the Control Risk If the results of the tests of controls support the planned level of control risk, the auditor conducts the planned level of substantive procedures for the account balances. The level of control risk for the revenue process can be set using either quantitative amounts or qualitative terms such as low, medium, or high. Control Activities and Tests of Controls Revenue Transactions Assertions about Classes of Transactions and Events for the Period under Audit All revenue and cash receipt transactions and events Occurrence that have been recorded have occurred and pertain to the entity. All revenue and cash receipt transactions and events Completeness that should have been recorded have been recorded. All revenue and cash receipts transactions and events Authorization are properly authorized. Amounts and other data relating to recorded revenue Accuracy and cash receipt transactions and events have been recorded appropriately. Cutoff All revenue and cash receipt transactions and events have been recorded in the correct accounting period. All revenue and cash receipt transactions and events Classification have been recorded in the proper accounts. Occurrence of Revenue Transactions The auditor is concerned about two major types of material misstatements: 1. Sales to fictitious customers. 2. Recording revenue when goods have not been shipped or services have not been performed. The auditor needs assurance that all recorded revenue transactions are valid.

7 10-7 Completeness of Revenue Transactions The major misstatement that concerns both management and the auditor is that goods are shipped or services are performed and no revenue is recognized. Controls concerning completeness include: (1) accounting for numerical sequence of shipping documents and sales invoices, (2) matching shipping documents with sales invoices, (3) reconciling sales invoices to daily sales reports. Authorization of Revenue Transactions Possible misstatements due to improper authorization include shipping goods to or performing services for customers who are bad credit risks and making sales at unauthorized prices or terms. Test policies and activities relating to authorization of revenue transactions. Accuracy of Revenue Transactions The presence of an authorized price list and terms of trade reduces the risk of inaccuracies. The sales invoice should also be verified for mathematical accuracy before being sent to the customer.

8 10-8 Cutoff of Revenue Transactions Sales may be recorded in the wrong accounting period unless proper controls are in place. All shipping documents should be forwarded to the billing department daily. Classification of Revenue Transactions The use of a chart of accounts and proper codes for recording transactions should provide adequate assurance about the proper classification of revenue transactions. Occurrence of Cash Receipts Transactions The possible misstatement that concerns the auditor when considering the occurrence assertion is that cash receipts are recorded but not deposited in the client s bank account.

9 10-9 Completeness of Cash Receipts Transactions A possible misstatement is that cash or cheques are stolen or lost before being recorded in the cash receipts records. When electronic transfer of cash receipts is used, a strong control exist to ensure that cash receipts are not stolen or lost before recording. Otherwise proper segregation of duties and a lockbox system are controls relating to completeness. Authorization of Cash Discounts Terms of trade generally include discounts for payment within a specified period as a way of encouraging customers to pay on time. 2/10, n/30 Accuracy of Cash Transactions The wrong amount of cash could be recorded from the remittance advice, or the receipt could be incorrectly processed during data entry. To minimize these types of errors, daily remittance reports should be reconciled to a control listing of remittance advices. All bank statements should be reconciled monthly.

10 10-10 Cutoff of Cash Receipts Transactions If the client uses electronic transfer, a lockbox system or if cash is deposited daily in the bank, there is a small possibility of cash being recorded in the wrong accounting period. Classification of Cash Receipts The auditor seldom has major concerns about cash receipts being recorded in the wrong financial statement account. Control Activities and Tests of Controls Sales Returns and Allowances Sales returns and allowances is usually not a material amount in the financial statements. However, credit memoranda that are used to process sales returns can also be used to cover an unauthorized shipment of goods or conceal a misappropriation of cash. As a result, all credit memoranda should be properly authorized.

11 10-11 Relating the Assessed Level of Control Risk to Substantive Procedures The auditor s testing of control for revenue processing impacts the detection risk and therefore the level of substantive procedures impacted by the controls. Accounts receivable Allowance for bad debts Sales returns and allowances Bad debts expense Cash Auditing Accounts Receivable and Related Accounts Substantive analytical procedures are used to examine plausible relationships among accounts receivable and related accounts. Tests of details focus on transactions, account balances or disclosures. Tests of details concentrate on the ending balance for accounts receivable and related accounts as well as related disclosures. Substantive Analytical Procedures Ratios used for comparative purposes include: 1. Receivables turnover and days outstanding in accounts receivable. 2. Aging categories on aged trial balance of accounts receivable. 3. Bad-debts expense as a per cent of revenue. 4. Allowance for uncollectible accounts as a per cent of accounts receivable or credit sales. 5. Large account balances compared to last period.

12 10-12 Tests of Details of Transactions, Account Balances and Disclosure Occurrence Completeness Authorization and Accuracy Cutoff For Accounts Receivable, Allowance for Uncollectible Accounts and Bad-Debt Expense Classification A sample of transactions from the sales journal should be vouched to the sales invoice, customer order and shipping document. A sample of shipping documents should be traced to related sales invoice and customer's account. Compare prices and terms for sample of sales invoices with authorized price list. From a sample, compare date of sales invoice with date of shipment and date sale was recorded. For a sample of sales invoices, determine that each is properly classified in the revenue accounts. Completeness The auditor s primary concern is whether all accounts receivable have been included in the accounts receivable subsidiary ledger and the general ledger accounts receivable account. Reconciliation of the aged trial balance to the general ledger account should detect an omission of a receivable from either the subsidiary or general ledger. Cutoff The cutoff test attempts to determine whether all revenue transactions and related accounts receivable are recorded in the proper period. 31/12/06 Test a few shipping documents just prior to year-end. Test a few shipping documents just after year-end. Are all transactions tested recorded in the proper period?

13 10-13 Rights and Obligations The auditor must determine that all accounts receivables are owned by the entity. This is usually not a problem, however, in some cases, accounts receivable may be sold or factored with or without recourse. Valuation and Allocation Accounts receivable should be shown on the balance sheet at net realizable value (gross amount less allowance for uncollectible accounts). The auditor must verify the adequacy of the allowance for uncollectible accounts. The first step is to prepare an aged trial balance and discuss results with the credit manager. Next, a comparison with last year s results should be examined. Classification and Understandability The major issues related to presentation, disclosure, and classification are: 1. Identifying and reclassifying any material credits contained in accounts receivable. 2. Segregating short-term and long-term receivables. 3. Ensuring that different types of receivables are properly classified.

14 10-14 Timing Accounts receivable may be confirmed at an interim date or at year-end. The confirmation request should be sent soon after the end of the accounting period in order to maximize the response rate. Alternative Procedures When the auditor does not receive responses to positive confirmations, alternative audit procedures are used. These alternative procedures include: 1. Examination of subsequent cash receipts. 2. Examination of customer orders, shipping documents and duplicate sales invoices. 3. Examination of other client documentation. Evaluating the Audit Findings When the auditor has completed the planned substantive procedures, the likely misstatement (projected misstatement plus an allowance for sampling risk) for accounts receivable is determined. Likely misstatement* less than tolerable misstatement Accept the account as fairly presented Likely misstatement* greater than tolerable misstatement Account is not fairly presented. *Together with any separately identified known misstatements (cf. ED ISA 320).

15 10-15 Purchasing Process Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits Overview of the Purchasing Process A purchase transaction usually begins with a purchase requisition generated by the user department. The purchasing department prepares a purchase order that is sent to the vendor. When the goods are received or the services rendered, a liability is recorded. Finally, the entity pays the vendor. Purchase requisition Purchase order Receiving report and liability recorded Vendor

16 10-16 Types of Transactions and Financial Statement Accounts Affected There are three types of transactions: 1. Purchase of goods and services for cash or credit. 2. Payment of the liabilities arising from such purchases. 3. Return of goods to suppliers for cash or credit. Types of Transactions and Financial Statement Accounts Affected Type of Transaction Account Affected Purchase transaction Accounts payable Inventory Purchases or cost of goods sold Various asset and expense accounts Cash disbursement transaction Cash Accounts payable Cash discounts Various asset and expense accounts Purchase return transaction Purchase returns Purchase allowances Accounts payable Various asset and expense accounts Types of Documents and Records Purchasing documents and records Purchase Requisition request to purchase goods or services. 2. Purchase Order includes description, quality, and quantity or goods or services being purchased. 3. Receiving Report records the receipt of goods. 4. Vendor Invoice the bill from the vendor. 5. Voucher serves as the basis for recording a vendor s invoice. 6. Voucher Register used to record vouchers for goods and services. 7. Accounts Payable Subsidiary Ledger includes amount owed to individual vendors. 8. Vendor Statement represents the purchase activity with vendor. 9. Bank Giros and Cheques pays for goods or services. 10. Cash Disbursements Journal contains columns to record credits to cash and debits to accounts payable and cash discounts.

17 10-17 The Major Functions Functions of the Purchasing Process Initiation and approval of requests for goods and services Requisitioning by authorized individuals consistent with management criteria. Approval of purchase orders and proper execution as to Purchasing price, quantity, quality and vendor. Receiving Receipt of properly authorized goods and services. Processing of vendor invoices for goods and services Invoice processing received; also, processing of adjustments for allowances, discounts and returns. Disbursements Processing of payment to vendors. Recording of all vendor invoices, cash disbursements and Accounts payable adjustments in individual vendor accounts. Proper accumulation, classification, and summarization of General ledger purchases, cash disbursements and payables in the general ledger. Inherent Risk Assessment Industry-Related Factors 1. Is the supply of raw materials adequate? 2. How volatile are raw material prices? Control Activities and Tests of Controls Purchase Transactions Assertions about Classes of Transactions and Events for the Period under Audit Occurrence All purchases and cash disbursements have been recorded and have occurred and pertain to the entity. All purchases and cash disbursements that should Completeness have been recorded have been recorded. Authorization All purchase and cash disbursements are properly authorized. Accuracy Amounts relating to recorded purchases and cash disbursements have been recorded properly. Cutoff Purchases and cash disbursements have been recorded in the correct accounting period. Classification Purchases and cash disbursements have been recorded in the proper account.

18 10-18 Control Activities and Tests of Controls Purchase Transactions Completeness Authorization Accuracy Cutoff Classification Review procedures for accounting for numerical sequence of purchase orders, receiving reports and vouchers. Trace a sample of receiving reports to their vendor invoices and vouchers. Trace a sample of vouchers to the purchases journal. Examine purchase requisitions or purchase orders for proper approval. Review client's competitive bidding process. Recompute the mathematical accuracy of vendor invoice. Agree information in the sample of vouchers for product, quantity and price. Examine reconciliation of vouchers to daily accounts payable report. Compare the dates on receiving reports with the dates on the relevant vouchers. Compare the dates of vouchers with the dates they were recorded in the purchases journal. Review purchases journal and general ledger for reasonableness. Examine a sample of vouchers for proper classification. Auditing Accounts Payable and Accrued Expenses Assertions about Account Balances at the Period End: Existence. Accounts payable and accrued expenses are valid liabilities. Rights and obligations. Accounts payable and accrued expenses are obligations of the entity. Completeness. All accounts payable and accrued expenses have been recorded. Valuation and allocation. Accounts payable and accrued expenses are included in the financial statements at appropriate amounts, and any resulting valuation or allocation adjustments are appropriately recorded. Auditing Accounts Payable and Accrued Expenses Assertions about Presentation and Disclosure: Occurrence and rights and obligations. All disclosed events, transactions, and other matters relating to accounts payable and accrued expenses have occurred and pertain to the entity. Completeness. All disclosures relating to accounts payable and accrued expenses that should have been included in the financial statements have been included. Classification and understandability. Financial information relating to accounts payable and accrued expenses is appropriately presented and described, and disclosures are clearly expressed. Accuracy and valuation. Financial and other information relating to accounts payable and accrued expenses are disclosed fairly and at appropriate amounts.

19 10-19 Auditing Accounts Payable and Accrued Expenses Substantive Analytical Procedures Substantive Analytical Procedure Possible Misstatement Detected Compare payables turnover and days Under- or overstatment of liabilities and outstanding in accounts payable to expenses. previous years' and industry data. Compare current-year balances in Under- or overstatment of liabilities and accounts payable and accruals with prior expenses. years' balances. Compare amounts owed to individual vendors in the current year's accounts Under- or overstatment of liabilities and payable listing to amounts owed in prior expenses. years. Compare purchase returns and allowances Under- or overstatement of purchase as a percentage of revenue or cost of sales returns. to prior years' and industry data. Human Resource Process The human resource process starts with the establishment of sound policies for hiring, training, evaluating, counseling, promoting, compensating and taking remedial actions for employees. The main concern of the auditor involves payroll transactions once an employee has been hired.

20 10-20 Financial Statement Accounts Affected Type of Transaction Payroll transactions Accrued payroll liability transactions Account Affected Cash. Inventory. Direct and indirect labor expense accounts. Various payroll-related liabilitiy and expense accounts. Cash. Various accruals (such as payroll taxes and pension costs). Auditing Payroll-Related Accounts Substantive Analytical Procedures Substantive Analytical Procedures Payroll Expense Accounts: Compare current year with prior year payroll expense accounts Compare current and prior year payroll costs as percent of sales and industry data Compare labour utilization rates and statistics with industry data Compare budgeted payroll expenses with actual payroll expenses Estimate sales commissions with formula and recorded sales Payroll-Related Accrual Accounts: Compare current and prior years' balances in payroll related accounts Test reasonableness of accrual balance Tests of Detail of Transactions, Account Balances and Disclosures Occurrence Completeness Authorization Accuracy Cutoff Classification Vouch a sample of direct deposits or payroll cheques to the master employee list to verify validity. Trace a sample of time cards to the payroll register. Test a sample of direct deposits or payroll cheques for proper authorization. Recompute a sample of direct deposits or payroll cheques for gross pay, deductions and net pay. Trace a sample of time cards before and after period end to the appropriate payroll report. Examine a sample of direct deposits or payroll cheques for proper classification into expense accounts.

21 10-21 Payroll Expense Accounts Payroll transactions affect many expense accounts, including direct and indirect manufacturing expense, general and administrative salaries, sales salaries, commissions and payroll tax expenses. If the entity s internal control is reliable, the auditor does not need to conduct detailed tests of all these payroll expense accounts. Additional testing is necessary only when control weaknesses exist. Control Activities and Tests of Controls Inventory Transactions Completeness Authorization Accuracy Cutoff Classification Observe the physical safeguards over inventory. Review and tests client's procedures for consignment goods. Review authorized production schedules. Review and test client's procedures for developing inventory levels and procedures used to control them. Review and test client's procedures for taking physical inventory. Review and test client's procedures used to develop standard costs. Review and test cost accumulation and variance reports. Review and test client's procedures for identifying obsolete, slow-moving and excess quantities. Review the reconciliation of perpetual inventory to general ledger control account. Review and test client's procedures for processing inventory included on receiving reports into the perpetual records. Review and test client's procedures for removing inventory from perpetual records based on shipments of goods. Review client's procedures and forms used to classify inventory. Relating the Assessed Level of Control Risk to Substantive Procedures Assertions about Classes of Transactions and Events: Occurrence. Inventory transactions and events are valid. Completeness. All inventory transactions and events have been recorded. Authorization. All inventory transactions and events are properly authorized. Accuracy. Inventory transactions have been properly computed and ending inventory, and related revenue and cost of goods sold have been properly accumulated from journals and ledgers. Cutoff. Inventory receipts and shipments are recorded in the correct accounting period. Classification. Inventory is recorded in the proper accounts.

22 10-22 Relating the Assessed Level of Control Risk to Substantive Procedures Assertions about Account Balances at the Period End: Existence. Inventory recorded on the books and records actually exists. Rights and obligations. The entity has the legal right of the recorded inventory. Completeness. All inventory is recorded. Valuation and allocation. Inventory is properly recorded in accordance with applicable financial reporting framework. Inventory Management Process Auditing Standard Costs Material Test the quantity and type of materials included in the product and the price of the materials. Labour Gather evidence about the type and amount of labour needed for production and the labour rate. Overhead Review the client s method of overhead allocation for reasonableness, compliance with applicable financial reporting framework, and consistency.

23 10-23 Tests of Details of Transactions, Account Balances and Disclosure Test of Details of Account Balances Existence. Observe count of physical inventory. Rights and obligations. Verify that inventory held on consignment for others or "bill-and-hold" goods are not included in inventory. Completeness. Trace test counts and tag control information to the inventory compilation. Valuation and allocation. Obtain a copy of the inventory compilation and agree totals to general ledger. Test mathematical accuracy of extensions and foot the inventory compilation. Inquire of management concerning obsolete, slowmoving, or excess inventory. Review book-to-physical adjustment for possible misstatements. Evaluating the Audit Findings - Inventory At the conclusion of testing, the auditor should aggregate all identified misstatements. The aggregated amount of misstatement is compared to the tolerable misstatement allocated to the inventory account. Aggregated misstatement < Tolerable misstatement The auditor may accept the inventory account as fairly presented. Aggregated misstatement > Tolerable misstatement The auditor may conclude the inventory is not fairly presented. Inherent Risk Assessment Financing Process Complex Accounting Issues Lease accounting, self-constructed assets and interest capitalization are vivid examples of some of the complex accounting issues faced by auditors.

24 10-24 Auditing Long-Term Debt The auditor must be assured that the amounts shown on the balance sheet for the various types of long-term debt are not materially misstated. This assurance extends to the recognition of interest expense. For the vast majority of entities, it is more efficient to follow a strategy of conducting substantive testing. Substantive Procedures of Long-Term Debt Assertions Occurrence Completeness Authorization Accuracy Cutoff Classification Substantive Tests of Transaction Examine copies of new note or bond agreements. Examine board of directors' minutes for approval of new lending agreements. Trace large cash receipts and payments to source documents and the general ledger. Review interest expense for payments to debt holders not listed on the debt analysis schedule. Review notes paid or renewed after the balance sheet date to determine if there are unrecorded liabilities at year-end. Evaluate lease contracts to determine if leases are properly accounted for as an operating or capital lease. Examine board minutes for evidence of proper authorization of notes or bonds. Test a sample of receipts and payments. Review debt activity for a few days before and after year-end to determine if the transactions are included in the proper period. Examine the due dates on notes or bonds for proper classification between current and long-term debt.

25 10-25 Substantive Procedures of Long-Term Debt Year-End Balances Existence Rights and obligations Completeness Valuation and allocation Tests of Details of Account Balances Confirm notes or bonds directly with creditors. Examine copies of note and bond agreements. Obtain an analysis of notes and bonds payable, and accrued interest; foot schedule and agree totals to the general ledger. Obtain a bank confirmation requesting specific information on notes from banks. Confirm notes or bonds with creditors. Inquire or management about "off-balance sheet" activities. Review board meeting minutes for debt-related activities. Examine new debt agreements to ensure that they were recorded at the proper value. Confirm the outstanding balance for notes or bonds and the last date on which interest has been paid. Recompute accrued interest. Verify computation of the amortization of premium or discount. Assertions and Related Control Activities Occurrence Verify that stock and dividend transactions comply with corporate charter. Accuracy Verify that stock and dividend transactions have been properly posted and summarized in the accounting records. Authorization Verify that stock and dividend transactions have been properly approved. Valuation Verify that stock and dividend transactions have been properly valued. Cash and the Effect of Other Business Processes

26 10-26 Segregation of Duties The following duties should be segregated: 1. The individuals responsible for issuing, transferring and canceling stock certificates should not have any accounting responsibilities. 2. The individual responsible for maintaining the detailed stockholders records should be independent of the maintenance of the general ledger control accounts. 3. The individual responsible for maintaining the detailed stockholders records should not also process cash receipts or disbursements. 4. Appropriate segregation of duties should be established among the payment and recording of dividend payments. Assessing Control Risk for Business Processes If control risk is set at the maximum the auditor does not rely on controls. Instead extensive substantive procedures are used. If a reliance strategy is followed the auditor determines if controls may be relied upon. If controls are operating effectively the auditor may reduce control risk below the maximum. Direct Tests of Balance Sheet Accounts Income statement accounts are normally audited in the course of auditing the related balance sheet accounts. Balance Sheet Account Audited Accounts receivable/allowance for uncollectible accounts Notes receivable/ investments/ accrued interest receivable PP&E/accumulated depreciation Prepaid insurance Long-term debt/accrued interest payable Related Income Statement Account Bad-debt expense Interest income Depreciation expense, gain/losses on sales or retirement of assets Insurance expense Interest expense

27 10-27 Substantive Analytical Procedures Extensive use may be made of analytical procedures in the audit of revenue and expense accounts. Common size income statement for current and previous years. Percentage income statement for current and previous years. Trend and ratio analysis. Tests of Selected Account Balances The auditor may wish to examine key revenue and expense accounts in some detail. Usually, the auditor verifies the transactions in the account by examining the supporting documentation. Accounts audited in this manner may be related to income tax reporting and include legal and audit expense, travel and entertainment, charitable contributions, and other income and expense. Substantive Tests of Details of Transactions and Balances

28 10-28 Bank Reconciliation Working Paper Cutoff Bank Statement Date of Last Bank Reconciliation 7 to 10 Days A cutoff bank statement normally covers the 7- to 10-day period after the date on which the bank account is reconciled. Any reconciling item should have cleared the client s bank account during the 7- to 10-day period.

29 10-29 Investments Common Stock Preferred Stock Debt Securities Hybrid Securities Segregation of Duties Substantive Procedures for Testing Investments

30 10-30

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