...AUDITING PROCUREMENT CARDS (P-CARDS) BRAD TOMLINSON, ASSISTANT ADMINISTRATOR COMPUTER ASSISTED AUDIT GROUP OHIO DEPARTMENT OF TAXATION, AUDIT DIVISION Telephone 614-387-2068 Email: bradley_tomlinson@tax.state.oh.us WHAT ARE P-CARDS? An enhanced credit card used by business employees. It is similar to a MasterCard or Visa card, but contains more information that can be used to control purchases such as dollar limits and number of transactions within a given period or for an individual or group. (From PCMag.com) 1 WHY USE P-CARDS? • Reduce processing costs for invoices, purchase orders, check processing etc. • Increase efficiency and control • Assign cards to individuals or departments with variable controls • Set dollar limits per transaction or month • Limit to specific suppliers WHY USE P-CARDS? • Change purchasing authorization and spending criteria quickly and easily • Buy more efficiently online, saving money and streamlining processes • Better track spending with comprehensive, customized reports 2 FACTORS TO CONSIDER • Does the taxpayer have a written policy for P-card purchases? Spending cap? Restricted to departments? Restricted to accounts (travel & expense)? Restricted to certain personnel? Restricted to certain suppliers? FACTORS TO CONSIDER Does the taxpayer adhere to the policy? 3 FACTORS TO CONSIDER • Is the taxpayer a direct pay permit holder? Does the taxpayer exercise their direct...
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...Sample Library Request for Proposals: Integrated Library System 1. Introduction............................................................................................................... 3 1.1 RFP Purpose.................................................................................................... 3 1.2 Definitions....................................................................................................... 3 Proposal Instructions................................................................................................ 4 2.1 RFP Schedule.................................................................................................. 4 2.2 Content and Format of Vendor Response....................................................... 5 2.3 Costs................................................................................................................ 6 2.4 Proprietary Information Agreement................................................................ 6 2.5 RFP Process Conditions.................................................................................. 6 2.6 Submission of Questions................................................................................. 7 Selection Process ....................................................................................................... 8 3.1 RFP Evaluation ............................................................................................... 8 3.2 Vendor Presentations ..................
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...Entity Attorney, Ted P. Knowit will be utilized as legal counsel for all filings and contracts. It’s Your Day is a Limited Liability Corporation following all laws in the State of South Carolina. The state does require a filing to reserve the name. This form is found on the secretary of states’ website and is payable with a $25 fee. After choosing a name for the company, the second step is filing Articles of Organization with the state of South Carolina. The filing fee is $110 and is payable to the Secretary of State and mailed to the secretary’s office address. Upon receipt of the LLC paperwork clearance from the secretary, an EIN must be obtained by filing online with IRS. VENDOR CONTRACT SAMPLE SAMPLE LETTER OF AGREEMENT Dear [Bride and Groom] This letter follows our meeting on [Month, Day, Year], during which we discussed your wedding and my professional role in helping you plan it. It is my understanding that, you will retain me as a Professional Wedding Consultant and Wedding Day Coordinator for your wedding scheduled on [Wedding Date]. Description of Services As a consultant my role includes: − [# of] consultations with you via telephone/email − Assistance in budget determination and breakdown as needed − Discussion of theme, color, style and complete wedding design − Research of wedding professionals in each category that fit your...
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...will contain three lines with each line number listing invoice number, line number, product code, quantity of the product purchased (under LINE_UNITS column), and price of the product (under LINE_PRICE column). (2) In the PRORDUCT table, the P_QOH column indicates quantity on hand (quantity in stock) for each product; P_MIN column lists the minimum quantity, i.e., when quantity on hand gets down to this level, the product needs to be re-ordered; the P_DISCOUNT column lists price discount for the product - for example .07 would indicate a 7% discount. QUERY #1: Display vendor code and name for vendors from the following two States: Florida (FL) and Tennessee (TN). Sort the output in ascending order of vendor name. A sample (partial) query output looks like the following – your query should generate similar but complete output. MS Access: SELECT v_code as [Vendor Code], v_name as [Vendor Name] FROM VENDOR WHERE v_state = 'FL' OR v_state = 'TN'; MySQL: QUERY #2: Display product code, price, and dollar amount of discount on each product. The P_PRICE column in the PRODUCT table contains base price of the product and P_DISCOUNT column contains percent...
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...Determining Evaluation Factors 2.4.3 Technical Capability & Solution Approach Weighting Factors 2.5.1 Technical Capability & Solution Approach 2.5.2 Cost Proposal 2.5.3 Managerial & Staff Capability Evaluation Rating Form - Scoring Sheet Choosing Your Evaluation Team Oral Presentations References Pre-Proposal Conference 2.10.1 Scheduling a Conference 2.10.2 Answering Questions Other Considerations 2.11.1 Public Notice 2.11.2 Amendment, Modification, or Withdrawal 2.11.3 Late Proposals, Modifications, or Withdrawals 2.11.4 Receipt & Record of Proposal 2.11.5 Mistakes in Proposals 2.11.5.1 Before Due Date & Time 2.11.5.2 After Receipt But Before Award 2.11.5.3 Discovered After Award Appeals CREATION - A MODEL RFP FORMAT 3.1 3.2 3.3 Cover Letter Signature Page Title Page 7 7 7 7 PAGE 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 4. Table of Contents Schedule of Events Standard and Special Terms and Conditions General Information 3.7.1 Purpose or Intent 3.7.2 Background 3.7.3 Definitions 3.7.4 Method of Payment 3.7.5 Contract Term 3.7.6 Presentations or Demonstrations 3.7.7 Pre-Proposal Conference Technical Specifications...
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...PART 1: AUDIT PLANNING Appendix 6C Problems 6C/1. The audit plan for Keystone Computers & Networks, Inc. Section | Purpose | Content | Objectives of the Engagement | To describe the services that are to be rendered to the client | The objectives are (1) audit of KCN’s financial statements for the year ended 12/31/05, and (2) issuance of a letter on compliance with covenants of the client’s letter of credit agreement. | Business and Industry Conditions | To describe the nature of KCN’s business and industry. | KCN sells and services microcomputers, networking hardware and software to business customers. KCN is exposed to external shocks and competitive forces in its industry. To effectively compete and succeed, KCN must have qualified personnel. Management must increase its activities by 3% annually for next 3 years to achieve its goals. | Planning Meetings | To indicate meetings held with client and Audit Team | So far 2 meetings: 1) meeting with client and 1) Audit team | Ownership and Management | To determine the owners and management of the company | Private owners: John, Terry, and Mark Keystone; Keith and Rita Young.Terry and Mark Keystone are a part of the board of directors. | Objectives, Strategies and Business Risks | To describe KCN’s business objectives, major strategies and the risks related to achieving its objectives | Major Objective: Increase revenues by 6% & Net income by 8% annually for next 3 years.Major Strategies: New software development...
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...through various means. The changes they needed to communicate were informing customers of the security breach, addressing the bad press coverage to shareholders, downsizing of employees, and indicating policy changes to external vendors. Target Corporation issued a statement to customers informing them of the security breach. Then CEO Gregg Steinhafel sent a letter to customers apologizing for the inconvenience, assuring that changes in security measures are a top priority to the company. It also talked about the immediate investigation into the breach and recommendations for customers to take steps in protecting their own information (Chmura, 2013). Throughout the coming months, Target Corporation provided updates into the change processes by issuing statements to the public through media outlets. The company has since created a question and answer page on their website about the data breach for everyone to have access to, and provides answers to the main questions of how and why this happened (Target Corp., 2014). The company did not shy away from questions from the public, which is smart in regaining consumer trust back after the incident. Being open and honest about the breach helped the company maintain its customers for the future. Using letters to inform the impacted customers was a good way to personalize the...
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... | North Central Airlines Airline Reservation System Proposal Phase 1 Background (Problem Statement): North Central Airlines is a small but growing airline that specializes in providing amenities that major airlines don’t (like children discounts, for example). The corporate executives feel that the Global Distribution System that they currently use and share with larger airlines doesn’t provide the extra services that North Central needs for their business to thrive. Their intent is to design and construct their own Airline Ticketing System. Originally, the two options for this systems was to use a COTS from a respected vendor, or to design an Object Oriented System that was constructed and built entirely by the staff at North Central. North Central decided to utilize the Object Oriented model because it provided the flexibility and maintainability they needed. Proposal: This project will plan, analyze and design an airline...
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...than Asia. Especially in China and India it was estimated that market would increase 25% more than previous year. The toy industry in USA had about 880 companies. Dominant players were Mattel, Hasbro, RC2, JAAKS Pacific, Marvel, and Lego. Moreover, big retailers were entering to the market under their own brand names creating threat for existing toy companies. Toy market categorized many segments in USA market, among them infant/preschool toy segment was the largest and stagnant. Noticeable growth occurred in youth electronics and video games. Production of the toys concentrated in China with 60%. Company Information Mattel, Inc. founded by Harold Matson and Elliot Handler at a garage in 1944. The company name was generated by using letters from founders’ last and first names. Mattel’s first products were picture frames and doll house furniture. Barbie doll was introduced in 1959 and Ken product followed it. With these products, Mattel guaranteed its growth. Hot Wheels product established Mattel’s position as an industry leader. Company’s products were organized in 3 different business groups: Mattel Girls & Boys Brands, Fisher Price Brands and American Girl Brands. 3 major buyers of the company were Wal-Mart, Target and Toys’R’Us. Main competitors were Hasbro and RC2. In 1990s, company made several acquisitions which provided strategic advantage for it. It entered into licensing agreements to make toys based on the characters owned by companies such as Disney and Warner...
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...Implications of Adding Mobile Technology and Web Site Improvements for Kate’s Paperie LLC. Technology to Enhance and Increase Profits from Invitation Customization Audience: Chief Financial Officer & Director of IT Valentina Kniess Managerial Application of Information Technology; MIS-535-1274 DeVry University, Keller Graduate School of Management October, 2014 Table of Contents 1. Abstract………………………………………………………………….3 2. Brief company background……………………………………………...4 3. Discussion of business problems………………………………………...4 4. High level solution……………………………………………………….6 5. Benefits of solving the problem………………………………………….7 6. Business/technical approach……………………………………………..10 7. Business process changes………………………………………………..11 8. Technology or business practices used to augment the solution…………14 9. Conclusions and overall recommendations………………………………15 10. High-level implementation plan………………………………………….15 11. Summary of project………………………………………………………16 References………………………………………………………………..18 Appendix A………………………………………………………………21 Appendix B………………………………………………………………22 Appendix C………………………………………………………………24 1. Abstract The customized stationery industry has been greatly affected by the e-commerce movement. New market entrants have gained an advantage by using virtual models and competitors have gained a lead due to their online presence. The wedding market is experiencing consistent growth with couples spending record highs...
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...AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanations. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 2007 AICPA Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories is included in generally accepted auditing standards? a. b. c. d. Standards of review. Standards of planning. Standards of fieldwork. Standards of evidence. ANSWER: Choice "c" is correct. Generally accepted auditing standards include three categories: general standards, standards of fieldwork, and standards of reporting. Choices "a", "b", and "d" are incorrect, based on the above explanation. 1 2007 AICPA Newly Released Questions – Auditing 2. CPA-05466 A retailing entity uses the Internet to execute and record its purchase transactions. The entity's auditor recognizes that the documentation of details of transactions will be retained for only a short period of time. To compensate for this limitation, the auditor most likely would: a. b. c. d. Compare a sample of paid vendors' invoices to the receiving records at year-end. Plan for a large measure of tolerable misstatement in substantive tests. Perform tests several times during the year, rather than only at year-end. Increase the sample of transactions to be selected for cutoff tests. ...
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...Systems Audit and Control Association. All rights reserved. www.isaca.org. How to Use a New Computer Audit Fraud Prevention and Detection Tool By Richard B. Lanza, CPA, PMP W hile occupational fraud takes various forms, the result is always the same: the numbers generated by fraud cannot hold up to the unfailing logic of the accounting equation. If executives add false sales and accounts receivable to increase the organization’s revenue, profits and cash will be out of kilter. The advancement of technology has allowed for this “accounting equation” to be systematized into computer logic and applied to company data.1 Results of this logic could take the form of a simple matching of the human resource file to the accounts payable vendor master file. On the other side of the coin, it could be an advanced neural network application focused on detecting money laundering schemes. Whether it is simple or advanced, data analysis provides many benefits in the prevention and detection of fraud. On one hand, the fraud examiner gains insight on 100 percent of an organization’s transaction data vs. more limited manual methods of selection. Further, this approach can generally be completed in less time than manual procedures, given the automation of the work. Examiners also gain improved business intelligence as the generated reports often lead to conclusions beyond whether just fraud occurred. Such new insights can lead to suggested process improvements to the client. The Institute...
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...BC2- Introduction Public Practice Audit Case Contains: • Part 1 Client Background • Part 2 W/P Preparation. • Part 3 Student tasks. • Part 4 Working papers (ie. W/P) • Part 5 Permanent File • Part 6 Client documents • Part 7 Blank W/Ps’ 7 BC2 Topics in Audio Tapes: • Welcome to BC2- Public Practice Audit Case! • Introduction • Student tasks (#1 to #10) • FAQ from students • Disposition sheet and Deficiency List • Handouts • Lecturer’s ideas for success! 8 BC2 Introduction: • How long does BC2 take to do? • Computer requirements: - Windows 7, Windows Vista - CaseWare (CGA version) - Internet access, Explorer 8 9 3 BC2 Student Tasks • Task 1: Review client acceptance and engagement letter, takeover letter, and reply. . Task 2: Perform preliminary analysis, materiality • Task 3: Assess inherent risk. • Task 4: Gain an understanding of the client’s internal control and assess control risk. • Task 5: Design...
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...Transactions December 31, 2006 Audit document No. N-3 Prepared by: AM 5/23/05 Reviewed by: Reviewed by: Date Vendor Purchase Requisition Number Receiving Report Number Invoice Number Check Number Audit Procedures 8/20/06 Cypress Products 6702 3918 711 3091 8/21/06 Cypress Products 6703 3919 802 3121 F 8/24/06 Cypress Products 6705 3920 991 3164 F 8/27/06 Cypress Products 6704 3921 1261 3203 E H L 8/28/06 Cypress Products 6706 3922 1313 3251 D 9/2/06 Cypress Products 6707 3923 1406 3310 G 9/3/06 Cypress Products 6708 3924 1510 3345 I 9/7/06 Cypress Products 6710 3925 1616 3397 F B Cypress Products 6709 3926 1691 3425 B 9/14/06 Cypress Products 6711 3927 1812 3451 C C 9/16/06 Cypress Products 6712 3928 2072 3471 F J 9/16/06 Cypress Products 6713 3929 2149 3510 E Audit Objectives: To verify that all received merchandise was properly ordered and recorded and is for legitimate business purpose. To verify that expenses and assets are properly valued and classified. To verify that merchandise orders are handled properly and cash disbursements occur accurately for these orders. Scope: a) Population- All received merchandise. b) Sample- Judgmental. Selected 12 receipts of merchandise from Inventory Department’s receiving report file. Audit Procedures: Reviewed...
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...Debbie Moy, BA. CGA 1 BC2- Introduction Public Practice Audit Case Contains: • Part 1 Client Background • Part 2 W/P Preparation. • Part 3 Student tasks. • Part 4 Working papers (ie. W/P) • Part 5 Permanent File • Part 6 Client documents • Part 7 Blank W/Ps’ 2 BC2 Table of Contents: 1. Welcome to BC2- Public Practice Audit Case! 2. Introduction 3. Student tasks (#1 to #10) 4. FAQ from students 5. Disposition sheet and Deficiency List 6. Handouts 7. Lecturer’s ideas for success! 3 1 BC2 Introduction: • How long does BC2 take to do? • Computer requirements: - Windows 2000 or higher - CaseWare (CGA version) - Internet access 4 BC2 Student Tasks • Task 1: Review client acceptance and engagement letter, takeover letter, and reply. . Task 2: Perform preliminary analysis. • Task 3: Determine materiality and assess risk. • Task 4: Gain an understanding of the client’s internal control and assess control risk. • Task 5: Design and perform tests of controls and dual purpose tests. 5 BC2 Student Tasks • Task 6: Perform audit of cash. • Task 7: Perform audit of accounts receivable using dollar unit sampling. • Task 8: Perform audit of inventory. • Task 9: Perform audit of accounts payable using non-statistical sampling. • Task 10: Complete the audit. 6 2 BC2 P. 3 Student Tasks • • • • • Client acceptance Establish Independence Obtain understanding of client’s business Perform preliminary analysis Overall Audit Assess inherent Risk...
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