Do not give image format You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment,you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and ifit doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it isintended to mitigate.ControlNon-collusion affidavitsPeriodically review physical assetsHave management review accounting transactionsPerform fixed asset reconciliationsInitially approve fixed asset purchaseEnter assets into the main fixed asset tableTag fixed assetsHave employee review and sign a code of conductHave management review acquisition agreementsEnsure policies limiting fixed assets expenditures Are clearlydocumented and authorizedRiskAcquisitions not being conducted in adherence with policyFixed asset being expensed instead of being capitalizedFraudulent biddingFraudulent bidding or approval of non-budgeted itemsImproper use of the assetInability to properly track the asset

ControlRiskNon-collusion affidavitsFraudulent biddingPeriodically review physical assetsInability to…

You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment, you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and if it doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it is intended to mitigate.

You are a new hire in the Accounting department of Gellin's Gelatins, a global manufacturer of snack foods. For your first assignment, you must review the risk and controls for fixed asset acquisitions to ensure that the correct alignment of risk and controls exists, and if it doesn't, you need to create an updated version of the alignment and submit it for approval. Match each control with the risk it is intended to mitigate.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 27CYBK

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