You are engaged in your first audit of VIPet Pty Ltd (VIPet) forthe year ended 30 June 2017. The Managing Director is MatthewStanton, a qualified veterinarian, and the company employs sevenpermanent staff. The permanent staff consists of two permanentveterinarians, three veterinarian assistants; a receptionist, anoffice assistant/typist and a bookkeeper. In July 2016 VIPetcommenced providing “on farm” veterinarian services for small hobbyfarms, due to a large number of small holdings in the area. Thecompany has 250 clients using this service within a 60 kilometreradius and employs an additional five veterinarians on an hourlybasis to visit the client farms. The casual veterinarians submitweekly time reports, which include the customer’s name and the timedevoted to each customer. Time charges for emergency visits areshown separately from regular monthly visits on the reports. As part of your evaluation of the new service you note thefollowing: 1. VIPet requires customers to sign annual contracts which arepre-numbered and prepared in duplicate. The original is filed innumerical order by contract anniversary date, and the copy is givento the customer. The contract entitles the customer to one routineveterinarian service each month. However, the contract does notinclude emergency visits, which are billed separately. 2. Fees for monthly services are payable in advance – quarterly,half-yearly or yearly – and recorded on the books as ‘income fromservices’ when the cash is received. All payments are made bycheque and are received by post. 3. Pre-numbered invoices for contract renewals are prepared intriplicate from information in the contract file. The originalinvoice is sent to the customer 30 days before the due date ofpayment, the duplicate copy is filled chronologically by due date,and the triplicate copy is filed alphabetically by customersurname. If payment is not received within ten days of the duedate, a cancellation notice is sent to the customer, and a copy ofthe notice is
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