Acct Stuff Essay

CASE 5 Evidence1. For to each one of the following peculiar(prenominal) audit procedures, indicate the type of audit procedure it represents (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) reperformance, (8) analytical procedures, and (9) scanning. a. Sending a written request to the leaf nodes customers requesting that they report the amount owed to the client. a. Confirmationi. globe trying to determine if A/R is overstated. b. Examining large sales invoices for a period of two eld before and after year-end to determine if sales are recorded in the proper period. b. oversight of document/recordsii. Cutoff make sure sales are recorded in proper period. c. Agreeing the original of the accounts receivable subsidiary ledger to the accounts receivable general ledger account. c. Reperformance-does total agree?iii. completenessd. Discussing the adequacy of the wages for doubtful acco unts with the credit manager. d. Inquiryiv. Valuation and allocatione. Comparing the current-year common profit percentage with the gross profit percentage for the last four years. e. Analytical proceduresv. Valuation and allocationf. Examining a new charge card extrusion machine to ensure that this major acquisition was received. f. Inspection of tangible assetsvi. existenceg. Watching the clients store personnel count the raw materials inventory. g. Observationvii. Existence/completenessh. Performing test counts of the warehouse personnels count of the raw material. h. Reperformanceviii. Valuation and allocationi. Obtaining a letter from the clients attorney indicating that there were no lawsuits in progress against the client. i. Confirmationix. Existence/valuation and allocationj. tincture the prices used by the clients billing program for pricing sales invoices to the clients approved price list. j. Inspection of documentsx. accuracyk. Reviewing the general ledger for unusua l adjusting entries. k. Scanningxi. Valuation and allocation.2. For each of the audit procedures listed in 1 above, identify the primary assertion being tested.