Assignment: Before beginning the assignment, take a moment to look through the papers in this module. Note in the lower left-hand corner that some documents are audit work papers created by Garcia and Foster CPAS as they conducted the audit. Note that other papers are client documents that Garcia and Foster collected and kept in support of their audit. Finally, note the numbering system in the lower right-hand corner and how each paper within the audit is numbered and linked back to the audit program In this part of your assignment, you will examine the firm's audit documentation in relation to the audit of Alpine's accounts receivable and sales processes and accounts. Please complete the following tasks. Q1. Research, cite, and summarize (in one or two sentences per standard identified) the auditing standards that address Garcia and Foster, CPA's, responsibility in relation to sending accounts receivable confirmations. Identify the most relevant paragraph(s) in each standard. Q2. Review the accounts receivable narrative (AR.1.1) and review the accounts receivable flowchart (AR.1.2) to identify all of the internal control weaknesses for the accounts receivable and sales processes. Provide one or two sentences on why each item identified is a weakness. This question relates to Step 2 of the Garcia and Foster Audit Plan Q3. Based on your review of the accounts receivable test of controls procedures (workpapers AR.2.1 to AR.2.4), you believe that there were some issues with the audit work performed. Review in detail the auditing procedures from the audit program and the related documentation. Pay particular attention to their implementation of the attribute sampling procedures--their sample selection process and evaluation of the results. Identify any of the following issues: a. Did they perform all of the steps associated with the audit program? b. Did they perform the steps accurately? If not, specifically state the nature of the problem and follow up on it to the extent possible with the information given c. Do you see any other issues or problems with the auditors' work or client documentation? This question relates to Step 4 of the Garcia and Foster Audit Plan Q4. Review the accounts receivable lead sheet memo and related workpapers (AR.3.1 to AR 3.4). Evaluate the auditors' tickmarks, comments, and explanations in the memo and on the lead sheet. Identify any of the following issues: a. Did they perform all of the steps associated with the AR.3 audit procedure? b. Did they perform the steps accurately? If not, specifically state the nature of the problem and follow up on it to the extent possible with the information given. C. Do you see any other issues or problems with the auditors' work or client documentation? This question relates to Step 4 of the Garcia and Foster Audit Plan. Q5. You are also concerned about the adequacy of the substantive audit work done by Garcia and Foster You decide to carefully review the substantive testing performed on the aged accounts receivable summary (AR.4.1 to AR.4.5), accounts receivable confirmation testing (AR.5.1 to AR.5.8), sales cutoff testing (AR.6.1 to AR.6.7), and the testing of the allowance for uncollectible accounts (AR.7.1). Identify any of the following issues: a. Did they perform all of the steps associated with the audit program? b. Did they perform the steps accurately? If not, specifically state the nature of the problem and follow up on it to the extent possible with the information given. C. Do you see any other issues or problems with the auditors' work or client documentation? This question relates to Step 4 of the Garcia and Foster Audit Plan. Q6. After answering the above questions, write a professional memo to the audit engagement partner (Anna Garcia) summarizing your findings for questions 2, 3, 4, and 5. The memo should be 1 page or less single-spaced. a. Identify the areas of the audit that need improvement. b. Provide feedback on ways to improve their audit of the accounts receivable and sales accounts C. Use constructive criticism. Remember that the purpose of Garcia and Foster's internal inspection program is not punitive. Rather, the goal of the program is to improve the quality of the firm's audit work. Assignment: Before beginning the assignment, take a moment to look through the papers in this module. Note in the lower left-hand corner that some documents are audit work papers created by Garcia and Foster CPAS as they conducted the audit. Note that other papers are client documents that Garcia and Foster collected and kept in support of their audit. Finally, note the numbering system in the lower right-hand corner and how each paper within the audit is numbered and linked back to the audit program In this part of your assignment, you will examine the firm's audit documentation in relation to the audit of Alpine's accounts receivable and sales processes and accounts. Please complete the following tasks. Q1. Research, cite, and summarize (in one or two sentences per standard identified) the auditing standards that address Garcia and Foster, CPA's, responsibility in relation to sending accounts receivable confirmations. Identify the most relevant paragraph(s) in each standard. Q2. Review the accounts receivable narrative (AR.1.1) and review the accounts receivable flowchart (AR.1.2) to identify all of the internal control weaknesses for the accounts receivable and sales processes. Provide one or two sentences on why each item identified is a weakness. This question relates to Step 2 of the Garcia and Foster Audit Plan Q3. Based on your review of the accounts receivable test of controls procedures (workpapers AR.2.1 to AR.2.4), you believe that there were some issues with the audit work performed. Review in detail the auditing procedures from the audit program and the related documentation. Pay particular attention to their implementation of the attribute sampling procedures--their sample selection process and evaluation of the results. Identify any of the following issues: a. Did they perform all of the steps associated with the audit program? b. Did they perform the steps accurately? If not, specifically state the nature of the problem and follow up on it to the extent possible with the information given c. Do you see any other issues or problems with the auditors' work or client documentation? This question relates to Step 4 of the Garcia and Foster Audit Plan Q4. Review the accounts receivable lead sheet memo and related workpapers (AR.3.1 to AR 3.4). Evaluate the auditors' tickmarks, comments, and explanations in the memo and on the lead sheet. Identify any of the following issues: a. Did they perform all of the steps associated with the AR.3 audit procedure? b. Did they perform the steps accurately? If not, specifically state the nature of the problem and follow up on it to the extent possible with the information given. C. Do you see any other issues or problems with the auditors' work or client documentation? This question relates to Step 4 of the Garcia and Foster Audit Plan. Q5. You are also concerned about the adequacy of the substantive audit work done by Garcia and Foster You decide to carefully review the substantive testing performed on the aged accounts receivable summary (AR.4.1 to AR.4.5), accounts receivable confirmation testing (AR.5.1 to AR.5.8), sales cutoff testing (AR.6.1 to AR.6.7), and the testing of the allowance for uncollectible accounts (AR.7.1). Identify any of the following issues: a. Did they perform all of the steps associated with the audit program? b. Did they perform the steps accurately? If not, specifically state the nature of the problem and follow up on it to the extent possible with the information given. C. Do you see any other issues or problems with the auditors' work or client documentation? This question relates to Step 4 of the Garcia and Foster Audit Plan. Q6. After answering the above questions, write a professional memo to the audit engagement partner (Anna Garcia) summarizing your findings for questions 2, 3, 4, and 5. The memo should be 1 page or less single-spaced. a. Identify the areas of the audit that need improvement. b. Provide feedback on ways to improve their audit of the accounts receivable and sales accounts C. Use constructive criticism. Remember that the purpose of Garcia and Foster's internal inspection program is not punitive. Rather, the goal of the program is to improve the quality of the firm's audit work