Question
Develop an audit program for the Revenue process (or you may choose one other important accounting process, for example purchases, inventory production, payroll, investments, etc.,
Develop an audit program for the Revenue process (or you may choose one other important accounting process, for example purchases, inventory production, payroll, investments, etc., that you think will produce significant risk of material misstatement in this company but please discuss this with me first). List the financial statement transactions (journal entries) and balances (general ledger accounts) in the revenue/receivables/receipts (or other) accounting cycle, and the assertions related to them. Apply the audit risk model and assess the risk components for the key assertions (*i.e. assess risk of material misstatement at the assertion level). Indicate whether you would use a substantive or combined approach to audit this process. List specific audit procedures to be performed for this process, being sure to specify the type of evidence-gathering audit techniques to be used.
PS I just need the journal entries, general ledger account balances and the assertions related to the entries. Hope it will be answered. Thank you!
The Second Cup Ltd. Statements of Financial Position As at December 30. 2017 and December 31. 2016 Expressed in thousands of Canadian dollars) 2017 2016 ASSETS Current assets Cash and cash equivalents Restrieted cash (note 23) Trade and oer rcceivables (note 6) Notes and leases recible(nole 7) Inventories (note 8) Prepaid expenses and other asscts Income tax receivable 4.573 S 1.359 3.716 64 205 205 3.004 1,947 3.023 139 200 251 t0,122 9,.096 Non-current assets Notes and leases receivable (note 7) Property and equipment (note 9) Intangibie assets (nolc 10) 74 2.132 32.372 173 3.434 32.611 Total assets 44.700 S 45.314 LIABILITIES Current iablitics Accounts payable and acu Provisions (note 12) Other liabiliies (nte 13) Gl card liability Deposits fom ranchisces Incotne tax payable 3.700 1,598 217 3.481 1.243 liabilities (note 11) 3.974 $ 934 3.432 979 9.869 10.242 Non-current liabilities Provisions (note 12) Other liabilities (note 13) long-term debt note 14) Deferred incne taxes (note 19) 530 267 7.181 6,206 230 179 6.160 16,438 28.262 otal liabilities 24.426 SIIAREHOLDERS' EQUITY 20.888 44.7 S 45.31 Total liabilities and shareholders' equity See accompanying notes to inancial statements Approved by the Directors February 23. 2018 Contingencies, commitments and guaratiees (note 24) Michael Bregman. Director Rael Merson. Director
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