Assume that you are auditing Company XYZ and you were given the prepaid insurance schedule as the internally prepared workpaper by the company's controller .

a Use tick marks on the schedule to indicate the audit procedures you would have performed to prepaid insurance.

b Prepare an audit program to be used for prepaid expenses.Be sure that you list the assertions.

c Prepare the internal control questionnaire that to be used for the audit of prepaid expenses

NB: Do not use the questions from the Internal control questionnaire that i have posted on blackboard

PREPAID INSURANCE 12131/02 12/3101 EPAD 12/31/02 POLICY NUMBER TERM BEGINS EXPIRES COVERAGE AT BEGIN PO DURING EXPENSE ATEND THE YEAR DURNG YR. OF YEAR URER AMOUNT OF YEAR 245,246. 10/3102 10313 LIABLITY 292.950.0 0 350 48,825.0 244,125.00 50,3000 95,229.3043,114 1/2502 | 5352.50| 64,48 21/01 352 53103 PROPER S/15 2 5.3102|PROPERTY 3/1502 6/102 6/1/02 71102 131/02 PROPERTY 50,300.0 44,3 06000 42.060.CO 1002 102 PROPERY 29 9538 23.553,80 102 PROPERTY 7/103 PROPERTY 56,003.00 57,000.00 T2 1231/0PR 500.0419,500.00 TRAVELERS INSURANCE 241292403 FLOOD 11,304.0 3,763 10,371.90 502 538.00 2 513.34 505.60 70 117/03 FLOOD FIRST INSURAN MARSHALL & STERLING 1 15 15/03 AUTOMOBIL 6,057.18 5.561 58 311.458.To 1,303,9.031,153,642 5 461,782.14