Gleim CIA Review Part 2 17th Edition, 1st Printing June 2014

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1 Page 1 of 6 Gleim CIA Review Part 2 17th Edition, 1st Printing June 2014 NOTE: Text that should be deleted is displayed with a line through the text. New text is shown with a blue background. Introduction Preparing For and Taking the CIA Exam Page 5: This update reflects recent changes to The IIA fees. CIA EXAM FEES The following fees are for the New 3-Part CIA Exam only. Fees IIA Members Nonmembers Exam Application (initial nonrefundable fee) US $100 US $200 US $50 Exam Parts Registration (per part/per sitting) Part 1 US $250 US $350 US $2050 Parts 2 and 3 US $200 US $300 US $1550 Deferrals/Cancelations/Changes At least 2 days prior to your appointment* US $50 US $50 US $5075 Professors/ Full-Time Students *If you have not made any necessary changes or cancelations at least 2 days prior to your appointment, you will forfeit your exam fee and must pay to register again. For more information, or to view the exam fees for the 4-Part Exam, visit SPECIAL PROFESSOR AND STUDENT EXAMINATION FEE The exam application fee is the charge for enrolling candidates in the CIA program. The CIA examination is available to professors and full-time students at reduced fees. For them, the exam application fee is US $50 (instead of US $100), plus an exam registration fee of US $2050 for Part 1 and US $1550 for Parts 2 and 3 (instead of US $250 and US $200, respectively). Professors and students may sit for each part at this special rate one time only.

2 Page 2 of 6 Appendix E Accounting Cycles Page 232, Purchases-Payables Cycle flowchart: This update reconfigures the flowchart to be consistent with the organizational hierarchy by deleting the Controller box at the right and replacing it with the three boxes highlighted in blue below. Figure E-3

3 Page 3 of 6 Page 234, Cash Payments Cycle flowchart: This update changes the name of the flowchart from Cash Payments Cycle to Cash Disbursements Cycle and reconfigures the flowchart to be consistent with the organizational hierarchy by deleting the Controller box in the middle and replacing it with the two boxes highlighted in blue below. Figure E-4

4 Page 4 of 6 Page 235, Cash Payments Cycle tables: This update changes Cash Payments to Cash Disbursements. Cash Payments Disbursements Cycle Function: Authorization Custody Recording Department: Vendor Purchasing Cash Payments Disbursements Accounts Payable General Ledger Step Business Activity Embedded Control 1 Purchasing receives a vendor invoice and remittance advice. The remittance advice is separated and filed. The invoice is matched with the purchase order file and approved for payment. The purchase order is marked as closed, and the approval is forwarded to Accounts Payable. Ensures that vendors are timely paid for goods received and that Purchasing can follow up on partially filled orders. 2 Accounts Payable matches the approved vendor invoice with the AP file and issues a payment voucher to Cash Payments Disbursements. 3 Upon receipt of a payment voucher with an approved vendor invoice, Cash Payments Disbursements issues a check and forwards it to Purchasing. 4 Purchasing sends the remittance advice with the check to Vendor. 5 Cash Payments Disbursements prepares a check register of all checks issued during the day and posts a journal entry to the cash payments disbursements journal. 6 The check register is also forwarded to General Ledger for posting of the total to the GL file. Ensures that the invoice is for goods actually received and that duplicate payment cannot be made. Ensures that payments are made only when goods have actually been received. Settles liability to Vendor. Ensures that the cash payments disbursements journal is updated for the total of checks requested. Updating AP and GL files separately provides an additional accounting control when they are periodically reconciled.

5 Page 5 of 6 Page 236, Payroll Cycle flowchart: This update changes the heading Cash Payment to Cash Disbursement in the flowchart. Figure E-5

6 Page 6 of 6 Page 237, Payroll Cycle tables: This update changes Cash Payments to Cash Disbursements. Payroll Cycle Function: Authorization Custody Recording Department: Human Resources Production Cash Payments Disbursements Bank Timekeeping Cost Accounting Payroll Accounts Payable General Ledger Step Business Activity Embedded Control 1 Human Resources sends a list of authorized employees, pay rates, and deductions to Payroll. 2 Employees register the start and end times of their workdays on clock cards. 3 Employees record time worked on various tasks on job time tickets. 4 At the end of the pay period, a production supervisor approves clock cards and job time tickets and forwards them to Timekeeping. 5 Timekeeping reconciles the clock cards and job time tickets. 6 Timekeeping prepares a summary of hours worked by job and forwards it to Cost Accounting for updating of the job records. 7 Timekeeping prepares a summary of hours worked by employee and forwards it to Payroll. Payroll matches it with the authorized employee list, prepares a payroll register, and updates the payroll records. 8 Accounts Payable receives the payroll register from Payroll, prepares a payment voucher, and forwards it along with the payroll register to Cash Payments Disbursements. 9 Accounts Payable also forwards the payroll register to General Ledger for posting of the total to the GL file. 10 Cash Payments Disbursements compares the payment voucher with the payroll register total and initiates appropriate bank transfers. 11 Cash Payments Disbursements executes three bank transfers. 12 Employees paid by manual check are given checks by Treasury personnel, not by Payroll or their supervisors. Ensures that only actual persons are carried on the payroll and that rates of pay and withholding amounts are accurate. Mechanically or electronically captures employee work hours. Allows accumulation of labor costs by job as well as tracking of direct and indirect labor. Ensures that employees worked only authorized hours. Ensures that employees are paid only for actual hours worked. Ensures that direct labor costs are appropriately assigned to jobs. Ensures that employees are paid the proper amount. Ensures that a payable is accrued. Authorizes the movement of cash into the payroll imprest account. Updating AP and GL files separately provides an additional accounting control when they are periodically reconciled. Ensures that the correct amount is transferred to the payroll imprest account and governmental authorities. Use of an imprest payroll account allows idle funds to be invested and funds related to uncashed checks to be isolated. Federal taxes withheld are transferred to the U.S. Treasury. State taxes withheld are transferred to the state government. Ensures that Payroll or supervisory personnel cannot perpetrate fraud through the creation of fictitious employees.

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