ACC$3502$ Assignment #$210\%$ Purpose: You have been asked by your audit Senior to prepare the working papers for the Cash section for the Compilation engagement of Proulxs Premium Projects. $2019$ Data: You have been provided with the previous years working papers. These are to be used as a guide. Caution, sometimes previous years working papers contain errors. $2020$ Data: You have been provided with some data from the client for the current year in order to prepare the working papers for the cash section. Caution, sometimes the client does not initially provide all of the required data, you must then request them from the client. The document currently missing is the Oakville Dominion Bank statement, your request should be included in a separate word document with your assignment in an e$-$mail format to the client. The document is included in Moodle under the heading Document to request from client. You must notify your Senior once the work is complete so that they are aware that it can then be reviewed. The senior on the engagement is Stephanie Hall. Your request should be included in a separate word document with your assignment in an e$-$mail format to your senior.Grading Rubric Activity Grade Working papers signed off $5\%$ Working papers complete and correct $65\%$ Referencing correct and clear $15\%$ Trial balance prepared and signed off $5\%$ Communication with Client $5\%$ Communication with your Senior $5\%$ Total $100\%$ All projects must be submitted to the Moodle drop box before the deadline. Late submissions will receive a grade of ZERO. Due Date Sunday April $7$th$,2024$ @ $11$:$59$pmThis is an individual project; collaboration is not permitted. Plagiarism and$/$or cheating will not be tolerated. Any plagiarism and$/$or cheating identified will be given a grade of ZERO on the assignment and Cambrian College Academic Integrity policy will come into effect. Additional Tips for Individual project #$2.$ Preamble: The intention of this project is to help you build on your critical thinking and problem$-$solving, information management, communication, and numeracy skills which are in line with the essential employability skills listed in your course outline. The knowledge that you learn through applying what we have learned in theory in the classroom will be invaluable in the workplace for not only those of you who will in the future, be working in audit, but also those in taxation, and other accounting functions such as account reconciliations. It relates to learning outcome $4\mathrm{.}7.$ Explain audit evidence & learning outcome $7$ of your course outline: Explain the completion of an audit simulation using source documents. Tips: $1.$ It is recommended to start by reviewing the $2019$ file as an example to see what was done in the previous year. Similar work should be completed for $2020.2.$ The client was unable to prepare bank reconciliation this year due to an unexpected employee departure in the accounting department. Therefore, you will have to prepare the bank reconciliations. This can be done using a new A$1$ working paper. You can use the $2019$ A$1$ working paper and select Save as and rename it to A$1-2020.$ Then update it for $2020$ information. $3.$ The only work required is relating to account#$1055,1060,$ & $1070.4.$ When preparing your bank reconciliation, you do not need to calculate all cash receipts and disbursements for the year. Simply state the book ending balance as your starting point. $5.$ You account transaction details are located in document called "Proulx's Premium Projects General Ledger Detail Jul $12019-$ June $302020".$ Look for the detail specific to the bank account numbers that you are working on $($titles on the left in the excel$).$ There are a lot of transactions in this document relating to the three bank accounts as the transactions for the entire year have been provided by the client. You do not need the transactions for the entire year, only those that relate to the period in which you are doing the reconciliation. Please copy$/$past the transactions into a new document for your supporting working paper. $6.$ Outstanding cheques for the previous month, $($May $2020)$ for account#$1060$ included Chq#$273$ for $$21,250,$ Chq#$130$ for $$6,272\mathrm{.}70$ and Chq#$267$ for $$1,808.$ There were no outstanding deposits. For account #$1070$ Cheque # $460$ for $$1,211\mathrm{.}65$ and #$465$ for #$1,827\mathrm{.}50$ were outstanding. No other items were outstanding for the month of May for other accounts. $7.$ When submitting H$85$ trial balance for $2020,$ you only need to include accounts relating to the cash section with relevant markups $($please see H$85$ in in the $2019$ Data. Additional resources for reference Resources covered in class relating to the assignment include: Chapter $8$ LO$5$ Audit documentation See Exhibit $8-6$ For lead sheets including indexing to working papers for a cash section