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Audit Case 2

Audit Case 2

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Published by Haenee Lee

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Published by: Haenee Lee on Sep 13, 2012
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09/13/2012

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1.
 
No, the audit work paper should be prepared by the auditor (or auditing firm)
The part of the auditor’s job
is to documents his/her finding in work paper.The work paper that is prepared by auditor (or auditing firm) is more reliable than the oneis prepared by the client.2.
 
u=footed and/or cross-footed
 – 
recalculation, accuracy
√=agreed to general ledger – 
confirmation, completenessy=traced to accounts receivable subsidiary ledger
 – 
analytical or scanning, completenessi=verified aging
 – 
scanning or inquiry or confirmation , cut off c=confirmed; no exception
 – 
confirmation, existence or completenesscx=confirmed with exception - confirmation or inquiry, existence3.
 
classification, inquiryThe
classification
of the audit assertions was violated.The classification of account receivable from J.R farmer was recorded as a classificationof account receivable from officer.4.
 
Documents, recalculation, scanning-Collect the invoice and cancelled check or note (if the customer cancelled the check)from the customer to recalculate them.-Compare journal entries for unusual items and perusal of a list by scanning.
 
5.
 
Subsequent events are used to evaluate the amounts to be recorded in financial statement,need to care the conditions(interest, inventory, etc.) that existed at the balance sheet dateand those that come into being after the end of the year(Inventory audit occurs after the year-end)6.
 
Dear V.M.HWe have reviewed your audit work paper of accounts receivable as of December 31,201x. Overall, the audit work paper you prepared is good.However, I would like to give you some recommendations for the improvement of thisaudit work paper.First, the audit work paper that is prepared by the public auditing firm is more reliable.You would better to hire independence auditor.Second, including some important documents makes the audit work paper moretrustworthy. The important documents could be a letter of bank confirmation, planningdocuments, and audit procedures.We believe that the result of our reviewing about this work paper will be beneficial toyour future audit work.If you have any questions, please feel free to contact me anytime.Thank youSincerely,Misoo KimHaenee LeeSooyun Lim

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