INSTRUCTIONS List all accounts from the Client List of Accounts involved in the Revenue Cycle and all WP 1-1 accounts involved in the Expeditures Cycle WP 1-2 Identify the primary one or two assertions and describe the risks assocated with those assertions for each account. See WP1-2 for further detailed instructions. For the selected accounts, describe one control activity per risk listed on WP 1-2 which the client can implement to reduce the risk of material misstatement in that account. See WP1-3 for further detailed instructions. WP 1-3 For the selected accounts, describe a recommended audit procedure that an auditor could perform to test the assertion(s) identified (in WP1-2) so as to detect material misstatements in that account. See WP1-4 for further detailed instructions. WP 1-4 Total: All answers should be input in the yellow highlighted cells. Balance Sheet & Stockholders Equity Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Supplies Inventory Prepaid Advertising Prepaid Rent Investments Land Land Improvements Buildings Accumulated Deprecation - Buildings Equipment Accumulated Deprecation - Equipment Patents Goodwill Accounts Payable Other Current Liabilities Notes Payable Deferred Revenue Salaries Payable Interest Payable Utilities Payable Dividends Payable Income Tax Payable Sales Tax Payable Warranty Liability Lawsuit Liability Common Stock Preferred Stock Additional Pald-in Capital Retained Earnings Treasury Stock 3 Dividends Income Statement Service Revenue Sales Revenue Sales Discounts Sales Returns Interest Revenue Dividend Revenue Equity Income Gain Advertising Expense Amortization Expense Bad Debt Expense Cost of Goods Sold Delivery Expense Depreciation Expense Entertainment Expense Income Tax Expense Insurance Expense Interest Expense Payroll Tax Expense Postage Expense Property Tax Expense Rent Expense Repair & Maintenance Expense Research & Development Expense Salaries Expense Shrinkage Expense Spoilage Expense Supplies Expense Utilities Expense Warranty Expense Loss 1. List below all the accounts from the Client List of Accounts involved in the Revenue Cycle (there are more yellow highlighted calls than accounts to list) 2. List below all the accounts from the Client List of Accounts involved in the Expenditure Cycle (there are more yellow highlighted cells than accounts to list) 3. Sign off on the WP (complete "Prepared by on row 2 of workpaper) Revenue Cycle Accounts Expenditure Cycle Accounts this the price with the forth Non secchietti Cycle Account Assertion Serve C ADA Beta www. Remus Dependir Deco Expenditure Eepee Exponde Epatta Repair Rente Corte treasu Depot Acaden Au Payale Epies 6. For each of the following accounts, identily one control activity per risk listed that the client can implement to reduce the risk of material mistatement in the account Each control activity should be described in enough detail that the reader can understand what is being performed and how the risk of misstatement is being reduced as a result of the procedure For example, if the control activity is some type of review, the specific items being checked and what is being reviewed for, by who and frequency should be described NOTE: The control activities of review or 'analys/analytical procedures cannot be the only control activity listed for anyone account 7. Sign off on the WP complete "Prepared By on row 2 of workpaper) Cycle Revenue Account Sales Revenue Risk (copy from WP1-2) Control Activity to reduce risk described Revenue Revenue Revenue Sales Returns Cash Accounts Receivable 1 2 1 1 1 2 1 1 1 2 1 Revenue Revenue Expenditure Allowance for Doubtful Accounts Warranty Liability Inventory 1 2 1 1 1 2 1 1 1 2. 1 1 1 1 1 1 1 1 Expenditure Expenditure Expenditure Expenditure Expenditure Expenditure Repair & Maintenance Expense Spoilage Expense Cost of Goods Sold Equipment Accumulated Depreciation Accounts Payable 1 1 1 8. For each of the following accounts, describe a recommended dit procedure that an auditor could perform to test the assertion) identified in WP1-2 and detect material mittements in the account The audit procedure should be described in enough detail that the reader can understand what is being performed and how a misstatement could be identified as a result of the procedure 9. Sign off on the WP (complete Prepared by on row 2 of workpaper Cycle Account Sales Revenue Assertion (copy from WP1-2) Revenue 1 Revenue Revenue Cash Accounts Receivable Revenue Expenditure Allowance for Doubtful Accounts Inventory 1 2 1 1 2 1 1 Recommended Audit Procedure 1 2 1 1 2 1 1 2 1 1 1 1 Expenditure Expenditure Expenditure Expenditure Expenditure Repair & Maintenance Expense Cost of Goods Sold Equipment Accumulated Depreciation Accounts Payable 1 1 1 INSTRUCTIONS List all accounts from the Client List of Accounts involved in the Revenue Cycle and all WP 1-1 accounts involved in the Expeditures Cycle WP 1-2 Identify the primary one or two assertions and describe the risks assocated with those assertions for each account. See WP1-2 for further detailed instructions. For the selected accounts, describe one control activity per risk listed on WP 1-2 which the client can implement to reduce the risk of material misstatement in that account. See WP1-3 for further detailed instructions. WP 1-3 For the selected accounts, describe a recommended audit procedure that an auditor could perform to test the assertion(s) identified (in WP1-2) so as to detect material misstatements in that account. See WP1-4 for further detailed instructions. WP 1-4 Total: All answers should be input in the yellow highlighted cells. Balance Sheet & Stockholders Equity Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Supplies Inventory Prepaid Advertising Prepaid Rent Investments Land Land Improvements Buildings Accumulated Deprecation - Buildings Equipment Accumulated Deprecation - Equipment Patents Goodwill Accounts Payable Other Current Liabilities Notes Payable Deferred Revenue Salaries Payable Interest Payable Utilities Payable Dividends Payable Income Tax Payable Sales Tax Payable Warranty Liability Lawsuit Liability Common Stock Preferred Stock Additional Pald-in Capital Retained Earnings Treasury Stock 3 Dividends Income Statement Service Revenue Sales Revenue Sales Discounts Sales Returns Interest Revenue Dividend Revenue Equity Income Gain Advertising Expense Amortization Expense Bad Debt Expense Cost of Goods Sold Delivery Expense Depreciation Expense Entertainment Expense Income Tax Expense Insurance Expense Interest Expense Payroll Tax Expense Postage Expense Property Tax Expense Rent Expense Repair & Maintenance Expense Research & Development Expense Salaries Expense Shrinkage Expense Spoilage Expense Supplies Expense Utilities Expense Warranty Expense Loss 1. List below all the accounts from the Client List of Accounts involved in the Revenue Cycle (there are more yellow highlighted calls than accounts to list) 2. List below all the accounts from the Client List of Accounts involved in the Expenditure Cycle (there are more yellow highlighted cells than accounts to list) 3. Sign off on the WP (complete "Prepared by on row 2 of workpaper) Revenue Cycle Accounts Expenditure Cycle Accounts this the price with the forth Non secchietti Cycle Account Assertion Serve C ADA Beta www. Remus Dependir Deco Expenditure Eepee Exponde Epatta Repair Rente Corte treasu Depot Acaden Au Payale Epies 6. For each of the following accounts, identily one control activity per risk listed that the client can implement to reduce the risk of material mistatement in the account Each control activity should be described in enough detail that the reader can understand what is being performed and how the risk of misstatement is being reduced as a result of the procedure For example, if the control activity is some type of review, the specific items being checked and what is being reviewed for, by who and frequency should be described NOTE: The control activities of review or 'analys/analytical procedures cannot be the only control activity listed for anyone account 7. Sign off on the WP complete "Prepared By on row 2 of workpaper) Cycle Revenue Account Sales Revenue Risk (copy from WP1-2) Control Activity to reduce risk described Revenue Revenue Revenue Sales Returns Cash Accounts Receivable 1 2 1 1 1 2 1 1 1 2 1 Revenue Revenue Expenditure Allowance for Doubtful Accounts Warranty Liability Inventory 1 2 1 1 1 2 1 1 1 2. 1 1 1 1 1 1 1 1 Expenditure Expenditure Expenditure Expenditure Expenditure Expenditure Repair & Maintenance Expense Spoilage Expense Cost of Goods Sold Equipment Accumulated Depreciation Accounts Payable 1 1 1 8. For each of the following accounts, describe a recommended dit procedure that an auditor could perform to test the assertion) identified in WP1-2 and detect material mittements in the account The audit procedure should be described in enough detail that the reader can understand what is being performed and how a misstatement could be identified as a result of the procedure 9. Sign off on the WP (complete Prepared by on row 2 of workpaper Cycle Account Sales Revenue Assertion (copy from WP1-2) Revenue 1 Revenue Revenue Cash Accounts Receivable Revenue Expenditure Allowance for Doubtful Accounts Inventory 1 2 1 1 2 1 1 Recommended Audit Procedure 1 2 1 1 2 1 1 2 1 1 1 1 Expenditure Expenditure Expenditure Expenditure Expenditure Repair & Maintenance Expense Cost of Goods Sold Equipment Accumulated Depreciation Accounts Payable 1 1 1