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can you help me do the project? it is due june 18, 2016 Apollo Shoes, Inc. AUDIT PLANCASH FYE 12/31/2014 Workpaper Performed Reference By 1.
can you help me do the project? it is due june 18, 2016
Apollo Shoes, Inc. AUDIT PLANCASH FYE 12/31/2014 Workpaper Performed Reference By 1. Obtain confirmations from banks (standard bank confirmation). 2. Obtain reconciliations of all bank accounts. a. Trace the bank balance on the reconciliation to the bank confirmation. b. Trace the reconciled book balance to the general ledger. c. Recalculate the arithmetic on client-prepared bank reconciliations. 3. Review the bank confirmation for loans and collateral. 4. Ask the client to request cutoff bank statements to be mailed directly to the audit firm. a. Trace deposits in transit on the reconciliation to bank deposits early in the next period. b. Trace outstanding checks on the reconciliation to checks cleared in the next period. 5. Prepare a schedule of interbank transfers for a period of 10 business days before and after the year-end date. Document dates of book entry transfer and correspondence with bank entries and reconciliation items, if any. 6. Count cash funds in the presence of a client representative. Obtain a receipt for return of the funds. 7. Obtain written client representations concerning compensating balance agreements. Comments Not necessary - Apollo only uses one bank. Not material - not considered necessary. Not applicable. Audit Procedures Instructions This is the instruction sheet for the audit procedures assignment that is part of your course grade. Please respond to the questions or complete the required documents as noted in each question. A printed and stapled copy of the assignment is due on July 6 at the beginning of class. I have created a tab in D2L with folders where you can find supporting materials for question 2 below. You may discuss this assignment with your classmates, but each individual must submit their own assignment in their own words. This is not a group project. 1) Write an engagement letter following the format as discussed in class and the example in your book. Use the standard language and format for an engagement letter. Create your own client and accounting firm name. Also include a paragraph about the fees you will charge the client; this paragraph will be in your own words. There is no corresponding folder for this question in D2L. 2) Follow the Audit Plan for Cash: Steps 1 -4 only. The corresponding folder for this question is labeled Question 2 under Audit Procedures in D2L. Remember to initial your work papers and include a reference. Make sure to turn in all documents that you created or cross referenced just as you would include these documents in real-life work papers. Remember, the client may have made errors that you will have to identify. Specifically you should have 7 pages with your work as follows: -The audit plan -Cash Lead Sheet -Bank Rec -Bank Confirmation -Bank Statement (2 pages) -Outstanding Checks list 3) A savvy auditor should be able to review a failed audit and discuss the failures. On pages C14 - C16 near the end of the book there is a case titled Unhealthy Accounting at HealthSouth. Read this case and complete the five discussion questions. There is no corresponding folder for this question in D2LStep by Step Solution
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