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Pure Grain Milling, Inc. (PGM) Balance Sheets December 31, Year 7 ASSETS Current Assets: Cash and Cash Equivalents Short term investments Accounts Receivable, net Inventory Other Current Assets Total Current Assets $ Property, Plan and Equipment, at cost Buildings Milling and Packing Equipment Vehicles Land and Improvement Less: Accumulated Depreciation Net Property Plant and Equipment Other Assets TOTAL ASSETS $ Year 7 Year 6 Year 5 255,000 $ 3,301,000 2,235,000 1,000,000 33,000 6,824,000 17,000 $ 1,573,000 3,575,000 1,255,000 29,000 6,449,000 25,000 3,667,000 1,995,000 1,280,000 28,000 6,995,000 960,000 1,600,000 700,000 150,000 3,410,000 1,443,000 1,967,000 78,000 8,869,000 $ 960,000 1,600,000 700,000 150,000 3,410,000 1,050,000 2,360,000 88,000 8,897,000 $ 950,000 660,000 700,000 150,000 2,460,000 657,000 1,803,000 62,000 8,860,000 Pure Grain Milling, Inc. (PGM) Balance Sheets December 31, Year 7 Year 7 LIABILITIES Current Liabilities Short term debt Accounts Payable Income tax payable Dividends Payable Accrued Payroll Total Current Liabilities Long Term Liabilities Buildings Milling and packaging equipment Capitalized Leases - Trucks and Cars (Net) Total Long Term Debt $ Total Liabilities Stockholders' Equity Common Stock ($1 par value) Additional Paid In Capital Retained Earnings Equity Total Liabilities and Stockholders' Equity Retained Earnings (Beginning of Year) Net Income Dividends Retained Earnings (End of Year) $ Year 6 Year 5 55,000 $ 275,000 125,000 280,000 178,000 913,000 550,000 $ 795,000 45,000 280,000 288,000 1,958,000 1,375,000 220,000 345,000 255,000 165,000 2,360,000 400,000 95,000 375,000 870,000 433,000 100,000 500,000 1,033,000 445,000 30,000 625,000 1,100,000 1,783,000 2,991,000 3,460,000 3,000 2,997,000 4,086,000 7,086,000 8,869,000 $ - 3,000 2,997,000 2,906,000 5,906,000 8,897,000 $ - 3,000 2,997,000 2,400,000 5,400,000 8,860,000 - 2,906,000 4,180,000 (3,000,000) 4,086,000 2,400,000 2,906,000 (2,400,000) 2,906,000 1,496,000 3,004,000 (2,100,000) 2,400,000 Pure Grain Milling, Inc. (PGM) Income Statement FYE December 31, Year 7, Year 6, and Year 5 Year 7 REVENUE Net Sales Cost of Goods Sold $ Gross Profit 10,814,000 $ 3,101,000 Year 6 Year 5 9,978,000 $ 3,573,000 8,311,000 2,437,000 7,713,000 6,405,000 5,874,000 Selling Expense Operating Expenses Payroll Utilities Delivery Expenses Miscellaneous Total Selling & Operating expenses 266,000 279,000 308,000 1,966,000 125,000 189,000 528,000 3,074,000 1,872,000 109,000 187,000 597,000 3,044,000 1,455,000 111,000 135,000 551,000 2,560,000 Operating Income 4,639,000 3,361,000 3,314,000 66,000 393,000 62,000 ### 52,000 258,000 4,180,000 $ 2,906,000 $ Interest expense Depreciation/Amortization Net income $ 3,004,000 Pure Grain Milling, Inc. (PGM) Statement of Cash Flows FYE December 31 Year 7 Cash flows from operating activities: Net Income Depreciation expense Adjustments to reconcile net income to net Cash provided (used) by operating activates Accounts receivable Inventory Other current assets Other assets Accounts payable Income tax payable Dividends payable Accrued payroll Net cash provided (used) by operating activates 393,000 1,340,000 255,000 (4,000) 10,000 (520,000) 80,000 (110,000) Cash flows from investing activates Short-term investments Net cash provided (used) by investing activities (1,728,000) Cash flows from financing activities Payments on short-term debt Payments on long-term debt Dividends Net cash provided (used) by financing activities (495,000) (163,000) (3,000,000) Net increase (decrease) in cash Cash at beginning of period Cash at end of period $ 4,180,000 1,444,000 (1,728,000) (3,658,000) 238,000 17,000 $ 255,000 Pure Grain Milling, Inc. (PGM) Cost of Goods Sold FYE December 31, Year 7, Year 6, and Year 5 Year 7 Wheat Corn Rice Oats Nuts Raisins Cranberries Other Misc Adds $ $ 510,000 $ 320,000 645,000 328,000 563,000 220,000 350,000 165,000 Year 6 589,000 $ 480,000 761,000 318,000 687,000 240,000 360,000 138,000 Year 5 368,000 294,000 535,000 227,000 419,000 191,000 281,000 122,000 3,101,000 $ 3,573,000 $ 2,437,000 Pure Grain Milling, Inc. (PGM) Miscellaneous Expenses FYE December 31, Year 7, Year 6, and Year 5 Year 7 Year 6 Outside Mechanics Pest Control Employee Perks Outside Legal Office supplies Mill supplies Packaging Materials $ 64,000 $ 78,000 42,000 61,000 12,000 22,000 315,000 127,000 36,000 45,000 57,000 12,000 24,000 358,000 Total Misc Expenses $ 594,000 $ 659,000 M) nd Year 5 Year 5 $ 96,000 27,000 33,000 125,000 11,000 17,000 294,000 $ 603,000 Pure Grain Milling, Inc. (PGM) Schedule of Cost of Goods Sold FYE December 31, Year 7, Year 6, and Wheat Corn Rice Oats Nuts Raisins Cranberries Other Misc Adds Tons 1,700 1,600 1,500 1,250 150 100 100 60 Cost of Goods Sold Weight of Goods Sold in Tons Inventory after slippage Sales Price per pound Value of Goods Sold Year 7 Price/Ton Expenditures 300 $ 510,000 200 320,000 430 645,000 263 328,750 3,750 2,200 3,500 2,750 562,500 220,000 350,000 165,000 $ 6,460 0.93 0.90 $ 10,814,040 3,101,250 e Grain Milling, Inc. (PGM) dule of Cost of Goods Sold ber 31, Year 7, Year 6, and Year 5 Tons 1,660 1,600 1,450 1,200 205 100 100 55 Year 6 Price/Ton Expenditures 355 $ 589,300 300 480,000 525 761,250 265 318,000 3,350 2,400 3,600 2,500 686,750 240,000 360,000 137,500 Tons 1,225 1,200 1,175 925 125 85 75 50 $ 3,572,800 6,370 0.89 0.88 $ 9,977,968 Year 5 Price/Ton Expenditures 300 $ 367,500 245 294,000 455 534,625 245 226,625 3,350 2,250 3,750 2,450 418,750 191,250 281,250 122,500 $ 4,860 0.95 0.90 $ 8,310,600 2,436,500 Pure Grain Milling, Schedule of Payroll Expenses and FYE December 3 # Department Head Dept Count Executive 2 1 1 Finance 7 1 1 2 2 1 Operations 22 1 1 1 1 2 1 9 1 2 3 Marketing 6 1 1 4 Administration 9 1 1 1 1 1 1 2 1 46 46 Total Staf Grade 20 30 40 45 50 75 Profit Sh % 0.10 0.15 0.20 0.25 0.30 1.00 # Emp 21 8 4 4 4 5 46 Notes on Job Grades Salary range $20-35k, plus 10% target profit share, Admin personnel, and factory and maintenance w Salary range $30-45k, plus 15% target profit share first line supervisors, specialized workers Salary range $40-55k, plus 20% target profit share, managers with responsibility for small departme Salary range $40-55k, plus 50% target profit share, special range for sales reps, significant part of pa Salary range $50-65k, plus 25% target profit share middle managers, specialized professionals Executive Level. Salary and profit share set by board of directors and via contract Pure Grain Milling, Inc. (PGM) Schedule of Payroll Expenses and Estimated Profit Sharing FYE December 31, Year 7 Title Salary CEO Executive Administrative Assistance Annualized Hrly Pay 120,000 20,000 CFO AP/AR Manager Acct Payable/Account Receivable Clerk Staf accountants Financial analyst 90,000 COO Administrative Assistant Purchasing Agent Manager of Incoming Materials and Dock Dock and Warehouse Raw Materials Workers Head Miller Millworkers Manager of outgoing produce and loading dock Outgoing dock and warehouse finished goods workers Truck drivers/loaders 90,000 CMO Administrative assistant Sales and service reps 90,000 CAO Administrative Assistant Head of Human Resources Head of Outsourcing Staf Attorney Property Manager Janitors Maintenance and Repairs 90,000 36,000 27,000 36,000 42,000 22,500 45,000 42,000 30,000 45,000 36,000 45,000 30,000 40,000 24,000 36,000 22,500 60,000 50,000 60,000 50,000 24,000 40,000 $ 480,000 target profit share, Admin personnel, and factory and maintenance workers target profit share first line supervisors, specialized workers target profit share, managers with responsibility for small departments, and business lines target profit share, special range for sales reps, significant part of pay is for sales and service success target profit share middle managers, specialized professionals ofit share set by board of directors and via contract Profit sharing allocation = $300,000 $ 300,000 ng Salary $ Head Job Non-Exec Count Grade Profit Sharing 20,000 1 1 20 1,429 36,000 54,000 72,000 42,000 1 1 2 2 1 30 20 30 30 11,250 2,857 11,250 5,625 22,500 45,000 42,000 60,000 45,000 324,000 45,000 60,000 120,000 1 1 1 1 2 1 9 1 2 3 20 40 40 20 40 20 40 20 30 1,429 15,000 15,000 2,857 15,000 12,857 15,000 2,857 16,875 24,000 144,000 1 1 4 20 45 1,429 75,000 22,500 60,000 50,000 60,000 50,000 48,000 40,000 1 1 1 1 1 1 2 1 20 50 50 50 50 20 30 1,429 22,500 22,500 22,500 22,500 2,857 5,625 1,486,000 480,000 1,966,000 46 ADVANCED AUDITING Competency 3031.1.3: Auditing Business Processes - The graduate plans, assesses risk, and performs audit procedures on various business processes. Competency 3031.1.5: Sampling - The graduate uses statistical and nonstatistical sampling methods to test controls and audit assurances. Competency 3031.1.6: Conducting an Audit - The graduate documents audit evidence and communicates the results of an audit. Task 3 Introduction: A well-executed audit provides value to a company by offering assurance on financials and other information. In this task, you will apply your knowledge of the audit process to develop an audit plan for a company. Scenario: As an associate at a regional CPA firm, Freedom rock Accounting (FRA), you are asked to serve as an associate auditor on your firm's annual audit of a bulk milling and food processing firm, Pure Grain Milling (PGM). The audit will include a full report, including the annual audit opinion written to investors and an audit of the firm's 401(k) plan. You recognize that your firm's subsidiary, Freedom Rock financial Services (FRFS), is the financial advisor who has sold the client, a private investor, their 401(k) plan and continues to serve as the registered representative of record to the plan. Requirements: Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. Use the Turnitin Originality Report available in Taskstream as a guide for this measure of originality. You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course. Note: The following prompts will require the use of the attached \"Financial Statements\" and \"Background Information\" document in order to perform high-level analysis as needed to reach conclusions regarding the current-year audit of the company. A. Develop an audit plan (suggested length of 35 pages) for PGM by doing the following: 1. Discuss two risks from the attached \"Financial Statements\" that represent issues that warrant additional attention during this audit, using the audit risk model. a. Identify one question for each risk identified in part A1 that you could ask senior management in order to obtain additional information. b. Identify the senior management team members, by job title, with whom you would address those risks. c. Identify additional auditing procedure(s) you could use to address these risks after your inquiry. i. Describe how these additional auditing procedures could address these risks. 2. Identify the internal controls for the acquisition and payment cycle. a. Identify where these internal controls should be placed in the cycle. 3. Identify the internal controls for the payroll and personnel cycle. a. Identify where these internal controls should be placed in the cycle. 4. Identify the internal controls for the inventory and warehouse cycle. a. Identify where these internal controls should be placed in the cycle. B. Develop a testing plan (suggested length of 2-4 pages) for PGM by doing the following: 1. Discuss one financial statement account to be tested within the acquisition and payment cycle from part A2. 2. Discuss one financial statement account to be tested within the payroll and personnel cycle from part A3. 3. Discuss one financial statement account to be tested within the inventory and warehouse cycle from part A4. 4. Identify the sampling approach for each of the three financial statement accounts from parts A2-A4 to be tested. a. Justify your choice of the sampling approach in the acquisition and payment cycle. b. Justify your choice of the sampling approach in the payroll and personnel cycle. c. Justify your choice of the sampling approach in the inventory and warehouse cycle. C. Describe the necessary audit evidence gathered in parts A and B to support management's assertions. D. Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized. Note: Specific citation of accounting rules is not required