Assignment 2: Audit Documentation of the Revenue Cycle Due Week 3 and worth 100 points In this assignment, you will prepare a two to three (2 to 3) page document that addresses the requirements specified in the case. Also include at least two (2) references to current, scholarly and/or authoritative sources. Specifically in your document you will need to: Prepare a flowchart, logic diagram, or narrative demonstrating your understanding of the revenue process. Identify follow-up questions for the client. Match controls to assertions in the revenue cycle. Draw an overall conclusion about internal controls related to the revenue cycle.
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Question 1 Janet Brown is 45 and divorced. She has two children who live with her and are dependent on her. Stephen is 12. Sarah is 17 and has been certified as eligible for the disability credit. Janet’s financial information for 2019 and 2020 includes the following: 2020 2019 Salary and taxable benefits $105,000 $100,000 Car expenses deducted in computing employment income
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Scenario: You are employed by Pacific IT Solutions as a solutions integrator. Your job description is to implement IT solutions and provide customer support. One of your long-time customers, Western Mining, has their head office in Sydney and is opening a branch office in Brisbane. You have been contracted to setup the network. A meeting has been held to start the project. The minutes of the meeting are as follows:
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