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ACL 4-1 Metaphor Corporation This report summarizes year-end transactions and analysis for the year ended April 30. December 31, 2015 a. Chapter 5 of ACL has been worked through and completed. b. Date Total Dollars Total Transactions April 1 $7,835.34 15 April 2 $1,825.88 4 April 3 $2,065.51 8 April 4 $13,384.37 21 April 5 $2,434.26 5 April 6 $2,271.21 6 April 7 $4,926.62 9 April 8 $2,884.08 8 April 9 $5,366.90 10 April 10 $3,661.39 9 April 11 $5,003.25 9 April 12 $2,696.27 6 April 13 $3,706.39 6 April 14 $10,385.88 24 April 15 $6,244.45 10 April 16 $4,051.74 9 April 17 $4,990.81 10 April 18 $7,128.59 11 April 19 $5,759.68 10 April 20 $2,682.88 6 April 21 $5,202.38 10 April 22 $2,270.89 4 April 23 $2,573.64 7 April 24 $7,341.09 17 April 25 $4,520.07 7 April 26 $1,671.99 5 April 27 $5,075.25 10 April 28 $4,495.14 9 April 29 $3,033.53 5 April 30 $1,127.75 3
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ACL 4-1Metaphor CorporationThis report summarizes year-end transactions and analysis for the year ended April 30.December 31, 2015
a. Chapter 5 of ACL has been worked through and completed.
b. DateTotal DollarsTotal Transactions
April 1$7,835.3415
April 2$1,825.884
April 3$2,065.518
April 4$13,384.3721
April 5$2,434.265
April 6$2,271.216
April 7$4,926.629
April 8$2,884.088
April 9$5,366.9010
April 10$3,661.399
April 11$5,003.259
April 12$2,696.276
April 13$3,706.396
April 14$10,385.8824
April 15$6,244.4510
April 16$4,051.749
April 17$4,990.8110
April 18$7,128.5911
April 19$5,759.6810
April 20$2,682.886
April 21$5,202.3810
April 22$2,270.894
April 23$2,573.647
April 24$7,341.0917
April 25$4,520.077
April 26$1,671.995
April 27$5,075.2510
April 28$4,495.149
April 29$3,033.535
April 30$1,127.753
TOTAL $136,617.23273
ACL 4-2Metaphor CorporationThis report summarizes year-end transactions and analysis for the year ended April 30.December 31, 2015
c. Auditors pay particular attention to transaction around year-end, which demonstrates an adequate level of professional skepticism. Some companies make large revenue transactions at year-end to improve or meet sales figures and targets. An auditor must have a questioning mind when approaching year-end transactions and carefully examine supporting documentation. Besides inflating sales figures, companies may be underestimating purchases from suppliers by failing to report certain purchases in the year they occurred. It is important for auditors to review and reconcile vendor statements and vendor confirmations. Auditors must use certain assertions for transactions, account balances, and disclosures to ensure that year-end transactions have occurred, are complete, and are accurate. Companies can use many tactics to inflate revenue figures and deflate expense figures, and it is the duty of the auditor to demonstrate professional skepticism when examining said figures.
d. The dollar volume of sales in the days near month-end do appear as expected. There are no unusually large transactions that should cause suspicion. There are two dates in which the there are a large amount of transactions with high totals (April 4 with 21 transactions totaling $13,384.37 and April 14 with 24 transactions totaling $10,385.88), but they do not appear to be large enough to cause an auditor to be overly skeptical.
ACL 4-3Metaphor CorporationThis report summarizes year-end transactions and analysis for the year ended April 30.December 31, 2015
ACL 4-4Metaphor CorporationThis report summarizes year-end transactions and analysis for the year ended April 30.December 31, 2015
ACL 4-5Metaphor CorporationThis report summarizes year-end transactions and analysis for the year ended April 30.December 31, 2015
