Audit of Waren Sports Supply Cash You are auditing Waren Sports Supply 2022 financial statements. Specifically, you have been assigned to the cash section of the balance sheet.

Audit Team Assumptions:

1) Medium inherent risk

2) You utilized confirmation.com to find the First American Bank and Trust balance at $131,549.53 at December 31, 2022.

3) You received cutoff information from First American Bank as of January 15, 2023 and all items on the bank reconciliation have cleared subsequent to year end except the following:

a) Deposit in Transit - None (all have cleared)

b) Checks #1142

Perform the following:

1) Set materiality.

2) Determine the assertion or assertions that are key to the cash balance.

3) Identify a key control that Waren should have to mitigate the risks related to the assertion or assertions above. Determine if Waren has that control designed and implemented.

4) Determine the audit procedures that are necessary to respond to the risks related to the assertion or assertions.

5) Perform the procedures using your Waren bank reconciliation, balance sheet and the information given above.

6) Document any open questions (if any), adjustments (if any) that you may have for the client based on your procedures as well as your conclusions reached.