For this exercise, your client, Bright IDEAs Inc., has provided you with a listing of sales invoices. To test whether the client appears to have a receivables collectability problem, the auditor must complete a series of related steps:

1. Import the clients database of sales invoices (pp. 2845 of the IDEA Workbook).

2. Perform an aging analysis by following the instructions on pp. 5256 of the IDEA Workbook.

Required Data Files:

IDEA Data Analysis Workbook

ACC_REC2015.ACCDB

Required:

Complete all of the related steps shown above using IDEA. After completing each step, answer the following questions. (Enter your answers exactly as they appear in IDEA.)

a. Upon importing the ACC_REC2015.ACCDB data file, what is the total Number of Records shown by IDEA? what is the Control Total for the GROSS_AMT Field shown by IDEA?

b. What percentage of customers have accounts that are aged greater than 90 days?

c. What percentage of customer balances (net value) are aged greater than 90 days?

d-1. Determine the effect that your findings in parts (b) and (c) would have on the auditor's assessment of the risk of material misstatement.

d-2. Determine which of the given accounts and assertions are most likely influenced by your findings.