Audit Deliverables For Simply Soups PDF

APPENDIX A
Audit Procedure Checklist – Student Deliverable

Date Initial Audit Procedures
Go to https://learn.confirmation.com, the educational platform created by
4/21 Confirmation.com for the purpose of this case, and sign up as a new user.
Watch the 3 minute narrated tutorial of the learn.confirmation.com service
4/21 presented at log in and also under Help.
Download:
(1) Simply Soups Inc. Case Study
(2) Support Materials (Annotated Instructional Guide for Students);
(a) A step-by-step guide on how to complete the case using
4/21 learn.confirmation.com;
(b) Shortcuts to assist in trouble shooting any questions that might arise as
you complete the case; and
(c) Relevant excerpts of technical guidance and professional standards to
assist you.
4/21 Review the video tutorials from the “Guides” section under the “Help” tab.
4/21 Review the client prepared documents and audit workpapers (Exhibit 1-4).
Assess the controls in place around the learn.confirmation.com service.
(1) Carefully examining the SOC3 report found on learn.confirmation.com
under the security tab.
(2) Consider whether or not the details of this report address all the control
4/22 objectives stipulated by the professional standards in order to rely on
learn.confirmation.com.
(3) Document your considerations and understanding of the controls obtained
in the Confirmation Testing Memo. Be sure to document any additional SOC
reports you may need to request in order to comply with the professional
standards as well as the evidence each report would provide.
4/21 Add Simply Soups Inc. as a new client.
N/A Add a TEAM NAME if workgroups are used.
4/21
From the Bank Account Listing, add the first four cash accounts you will be
confirming.
ADVANCED: Also add the last two cash accounts, one of which is Out-of-
4/21
Network.
15
4/21 Send the Client Authorization Code request to client contact.
4/21 Initiate first confirmations.
4/22
Evaluate the information received and its appropriateness as persuasive audit
evidence.
As necessary, prepare and send reconfirmations or second confirmation

4/22
requests.
For reconfirmations or second requests, evaluate the information received and
4/23
assess its appropriateness as persuasive audit evidence.
Document your procedures which include:
(1) Agreeing the confirmed account detail to the bank account listing on the
key information summary and reconciling any differences;
4/23 (2) Agreeing the confirmed balance to the reported bank balance on the bank
reconciliation testing summary and reconciling any differences; and
(3) Considering whether the information provided by the bank is persuasive
audit evidence.
Submit Case Study Deliverables to be reviewed by your manager:

(1) Audit Procedure Checklist;
4/29 (2) Confirmation Testing Workpaper and Memo;
(3) Confirmation Log (export from learn.confirmation.com); and
(4) Confirmations Received (export from learn.confirmation.com).
16
APPENDIX B
Confirmation Testing Workpaper and Memo – Student Deliverable
Work Paper Reference: 100-3
Kristina Gorton
Prepared By: ____________
04/23/2019
Date: ______________
Reconciled Confirmed
Bank A Bank Balance
Second
Bank Balance as of as of Initial confirmation Action required Issues Noted
12/31/CY 12/31/CY Confirmation
Account
(per Client) (per Bank)
Balance per client

Fifth Federal 508,219.33 $508,219.33 agrees to 12/31
confirm from bank
Balance per client

Balance per client Reconfirmation of
and balance per
Sparkasse- and balance per balance needed to tie Clerk noted that there is also
315,711.76 bank
Frankfurt $315,711.76 bank did not match out balance per client
reconfirmation an LOC- should follow up
agree
Balance per client Clerk noted that there is also an

American agrees to 12/31 LOC- should follow up to confirm
NorthWest 121,987.17 $121,987.17
confirm from bank balance
Bank
Balance per client

BNY
Federal 493,154.12 $493,154.12 agrees to 12/31
confirm from bank
Balance per client
Tenth Confirmation was sent to client and
agrees to 12/31
National 312,580.29 $312,580.29
balance confirm from
then forwarded from client to audit
Bank firm
bank
Denied because Reconfirm amount Balance per client

Bank of
Citizens 304,312.43 $304,312.43 Lou Jennings is not with correct agrees to 12/31
authorized signer confirm from bank
authorized signer
Tickmark Legend
A - Balances were traced from Bank Reconciliation Testing Summary (WP 100-2)
17
EXHIBIT 1
Trial Balance
Prepared By W. Downey (Intern)
1/7/20CY+1
6:40 PM Simply Soups Inc. PBC

1/7/20CY+1 177 Washington Lane, Cherry Hill, NJ 08034
609-555-5555
Trial Balance
As of December 31, 20CY
Debit Credit
Cash - Acct. 10000
Fifth Federal 478,921.54 A
Sparkasse-Frankfurt 235,087.29
American NorthWest Bank 144,019.83
BNY Federal 477,832.15
Tenth National Bank 301,015.18
Bank of Citizens 348,701.60
1,985,577.59
Accounts Receivable - Acct. 11000
Tick Legend
The sum of this balance was agreed into the Balance
A Sheet without exception, W. Downey (Intern)
PBC Prepared by client
19
EXHIBIT 2
Cash Lead Sheet
Prepared By W. Downey (Intern)
1/8/20CY+1
Cash Lead Sheet
Simply Soups Inc.
Balance Balance Change from Change from Balance Change from Change from
Account 12/31/CY 9/30/CY 9/30/CY to 9/30/CY to 12/31/PY 12/31/PY to 12/31/PY to
($) ($) 12/31/CY ($) 12/31/CY (%) ($) 12/31/CY ($) 12/31/CY (%)
TB PQ PY
Fifth Federal 478,921.54 492,531.16 (13,609.62) -2.76% 489,119.72 (10,198.18) -2.09%
Sparkasse-
235,087.29 229,791.07 5,296.22 2.30% 231,686.49 3,400.80 1.47%
Frankfurt
American
144,019.83 151,674.92 (7,655.09) -5.05% 149,277.31 (5,257.48) -3.52%
NorthWest Bank
BNY Federal 477,832.15 462,403.33 15,428.82 3.34% 469,512.91 8,319.24 1.77%
Tenth National
301,015.18 311,653.46 (10,638.28) -3.41% 316,987.22 (15,972.04) -5.04%
Bank
Bank of Citizens 348,701.60 309,243.12 39,458.48 12.76% 311,784.63 36,916.97 11.84%
Tick Legend
TB Agreed to 12/31/CY Trial Balance without exception
PQ Agreed to 09/30/CY Trial Balance without exception
PY Agreed to 12/31/PY Trial Balance without exception
20
EXHIBIT 3
Bank Reconciliation Testing Summary

Prepared By: DRH (Audit Associate)
1/10/20CY+1
Bank Rec Testing Summary
Simply Soups Inc.
Bank Balance Reconciling Book Balance

Account 12/31/CY A Items B 12/31/CY TB
Notes
Fifth Federal 508,219.33 29,297.79 478,921.54
Sparkasse-Frankfurt 315,711.76 80,624.47 235,087.29
American NorthWest Bank 121,987.17 (22,032.66) 144,019.83
BNY Federal 493,154.12 15,321.97 477,832.15
Tenth National Bank 312,580.29 11,565.11 301,015.18
Bank of Citizens 304,312.43 (44,389.17) 348,701.60
Tick Legend
A Agreed to 12/31/20CY Bank Statements without exception
B Reconciling items were tested without exception, see Bank Test Documentation (Audit Step 100-3)
TB Agreed to 12/31/20CY Trial Balance without exception
21
EXHIBIT 4
Key Information for the audit step “Confirm Cash Balances”
Audit Firm: Putnam and Jacobs LLP

Year End Date: December 31, 20CY
Client Address: 177 Washington Lane Cherry Hill, NJ 08034
Client Phone Number: 609-555-5555
Client Contacts: Lou Jennings Lou.jennings@ssoups.com
Chuck Rogers Chuck.rogers@ssoups.com
Bank Accounts – 20CY PBC

Account Account Authorized
Bank Name Bank Address Bank Manager Name Number(s) Signer
73 Union Street New York
Fifth Federal NY 10001 George Williams Checking 675-42223 Lou Jennings
Landstrasse 89-21 Frankfurt
Sparkasse-Frankfurt 60326 DE Helga Jones Checking 44-322711 Lou Jennings
American 234 Market Street
NorthWest Bank Milwaukee WI 53202 Richard Johnson Checking 05-198305 Lou Jennings
3621 Ave De Lafayette
BNY Federal Boston MA 02111 Betty Smith Savings 061-22031 Lou Jennings
313 S. Chadwick Street
Tenth National Bank Philadelphia PA 19103 Greg Fordham Savings 26-798422 Lou Jennings
3621 Union Ave Denver CO
Bank of Citizens 80220 Denise Bentley Checking 89-123661 Lou Jennings
Tick Legend
PBC Prepared by Client
22
Client's Statement
We have provided to our accountants the following information as of the close of business on the Request Date below regarding our deposit and loan balances. Please confirm the accuracy of the information,
noting any exceptions to the information provided. If the balances have been left blank, please complete this form by furnishing the balance in the appropriate space below. † Although we do not request nor expect
you to conduct a comprehensive, detailed search of your records, if during the process of completing this confirmation additional information about other deposit and loan accounts we may have with you comes to
your attention, please include such information below.
At the close of business on the Request Date below, our records indicated the below deposit balances, and that we were also directly liable to the financial institution for loans at the close of business on the
stated Request Date as indicated below.
† Ordinarily, balances are intentionally left blank if they are not available at the time the form is prepared.
Client's Company Information Requestor Information

Simply Soups Inc. Team Name Lebanon Valley College Lead
177 Washington Lane 101 N College Avenue Kristina Gorton
- - 215-272-7434
Cherry Hill, NJ-08034 Annville,PA - 17003 kng003@lvc.edu
United States United States Class: SP19 Auditing
Authorized Signers
Name Job Title Phone Email

Lou Jennings Manager 609-555-5555 lou.jennings@ssoups.com
Responder Information
American Northwest Bank
Contact
234 Market Street
-
-
File Complete
Milwaukee,WI - 53202
United States
******
Client's Account Information
Type/Form Account ID Account Name

Financial/Asset 05-198305
Confirmation Request
Status As of Date Currency Request ID Delivery Method
Completed 12/31/2018 (mm/dd/yyyy) USD* 7xi17x6vm0a2 In-Network
Balance: $ 121,987.17
Interest:
*USD - United States of America, Dollars
Questions / Comments
(04/23/2019 01:07 PM) Clerk said - Simply Soups also has a line of credit.
Responder Statements
The information presented is in agreement with our records. Although we have not conducted a comprehensive, detailed search of our records, no other deposit or loan accounts have come to our attention except
as noted.
Note System dates and text are displayed according to your user profile settings. Manually entered text and dates will display as entered by the user.
www.Confirmation.com
Client's Statement

- - 215-272-7434
Authorized Signers

Chuck Rogers Manager 609-555-5555 chuck.rogers@ssoups.com
Bank of Citizens
Contact
3621 Union Ave
-
-
File Complete
Denver,CO - 80220
United States
******

Completed 12/31/2018 (mm/dd/yyyy) USD* 7xi17x6v5sg3 In-Network
Balance: $ 304,312.43
Interest:
as noted.
Client's Statement

- - 215-272-7434
Authorized Signers

BNY Federal
Contact
3621 Ave De Lafayette
-
-
File Complete
Boston,MA - 02111
United States
******

Completed 12/31/2018 (mm/dd/yyyy) USD* 7xi17x6vm0p4 In-Network
Balance: $ 493,154.12
Interest:
as noted.
Client's Statement

- - 215-272-7434
Authorized Signers

Fifth Federal
Contact
73 Union Street
-
-
File Complete
New York,NY - 10001
United States
******

Completed 12/31/2018 (mm/dd/yyyy) USD* 7xi17x6vm06v In-Network
Balance: $ 508,219.33
Interest:
(04/23/2019 01:07 PM) Clerk said - Information is furnished as a matter of courtesy without a duty to do so and without responsibility, liability, or warrant, expressed or implied.
as noted.
Client's Statement

- - 215-272-7434
Authorized Signers

Sparkasse-Frankfurt
Contact
Landstrasse 89-21
-
-
File Complete
Frankfurt,DE - 60326
United States
******

Completed ( Reconfirmation ) 12/31/2018 (mm/dd/yyyy) USD* 7xi17x6vm0m0 In-Network
Balance: $ 315,711.76
Interest:
(04/23/2019 07:47 PM) Clerk said - Simply Soups also has a line of credit.
(04/23/2019 07:40 PM) Auditor said - Please reconfirm the account balance.
as noted.
Email from Lou Jennings providing confirm from Tenth National Bank

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APPENDIX A

Audit Procedure Checklist – Student Deliverable

4/21 Add Simply Soups Inc. as a new client.

N/A Add a TEAM NAME if workgroups are used.

As necessary, prepare and send reconfirmations or second confirmation

Submit Case Study Deliverables to be reviewed by your manager:

Balance per client

Balance per client

Balance per client Clerk noted that there is also an

Balance per client

Denied because Reconfirm amount Balance per client

6:40 PM Simply Soups Inc. PBC

Accounts Receivable - Acct. 11000

Work Paper Reference: 100-2

Bank Balance Reconciling Book Balance

Audit Firm: Putnam and Jacobs LLP

Bank Accounts – 20CY PBC

Client's Company Information Requestor Information

Name Job Title Phone Email

Client's Account Information

Type/Form Account ID Account Name

*USD - United States of America, Dollars

Client's Company Information Requestor Information

Name Job Title Phone Email

Client's Account Information

Type/Form Account ID Account Name

*USD - United States of America, Dollars

Client's Company Information Requestor Information

Name Job Title Phone Email

Client's Account Information

Type/Form Account ID Account Name

*USD - United States of America, Dollars

Client's Company Information Requestor Information

Name Job Title Phone Email

Client's Account Information

Type/Form Account ID Account Name

*USD - United States of America, Dollars

Client's Company Information Requestor Information

Name Job Title Phone Email

Client's Account Information

Type/Form Account ID Account Name

*USD - United States of America, Dollars

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