need part A of the question answered
16-27 The schedule on the following page was prepared by the controller of World Man. ufacturing, Inc., for use by the independent auditors during their examination of World's year-end financial statements. All procedures performed by the audit assis tant were noted in the "Legend" section; the schedule was properly initialed, dated. and indexed and then submitted to a senior member of the audit staff for review Internal control was reviewed and is considered to be satisfactory. Required: a. What information that is essential to the audit of debt and equity securities is missing from this schedule? b. What essential audit procedures were not noted as having been performed by the audit assistant? (AICPA, adapted) din audit the financial statements of Vernon Distribu- WORLD MANUFACTURING, INC Marketable Securities Year Ended December 31, 2018 Dividends & Interest Face Purchased Description of Security Sere Nie V Geno Ledger General Leder 1231 2015 2010 12031 More Cou Poy Dat De ACCS 1231 Car Du A 2021 21-7 10.000 9.4000 9.400 9.100 115 15 12/1 0. 30004 1.2004 D 4 730 275 100 26.220 2019 2024 2021 2020 27.500 4.000 27 5008 4.000 66.000 5.00 30.000 5.000 10.000 100 000 5 10 00-2 094 57.0000 1.000 71 100.000 100.000 100,000 140.00 101.250 141650 5.000 7.250 10500 57.000 16.000 5.000 5.561 1 1 Chapter 16 Anding the Power Code Sacs 104 1600 7.500 16.00 1 75064 75CM 7.d 7.d 12 vo US SO 3.700 9,700 9.800 2/1 00.4 BO, 17.200 17.200 17.400 4600 ST) lo 1 Les and above che an. End . 550 WORLD MANUFACTURER Marketable Securities Year Ended December 31, 2018 Dividends & Interest Purchased Descrion of Security Se No. Foce Vale of Bonds Genero Ledger NT Sold AT 2018 General Ledger 12/31 12/31 Market Pay Dates Amt Rec Accruals 12/31 2018 Cost Corp Bonds Y Due % 6 2023 A 21-7 10,000 9,400 9.400a 9.100 1/15 7/15 12/1 8/1 3000, 300b.d 1.2006.d 450b.d 27,500 4,000 26.220 5.080 275 100 188 G R 5 4 9 5 TO 2019 2024 2021 2026 27.500a 4,000a 66,000a 230 16-4 08-2 07-4 30,000 5.000 70.000 100,000 57.000b.c 66.000 7/1 5,000 100,000c.e 100.000 101,250 141,650 5,000b,d 7.250 105,900a 100,000 140,900 tg 57,000 66.000 5,563 al 1 f Stocks P1,000 Common 1,044 7.500 7,500 7,600 3/1 6/1 9/5 12/1 750b.d 750b.d 750b.d 750b.d 250 8,530 9.700a 9,700 9,800 USO shs Common 2/1 8/1 B006, 800b,d 667 17,200 17.400 4,600 917 17,200 19 1 Legends and comments relative to above schedule Begring balances agreed to prewerking Paper b-Doch recept coloredomised-phases and sales served Apped to 1095 Comed by trading to broker's advice To footed - Ar to generale 16-27 The schedule on the following page was prepared by the controller of World Man. ufacturing, Inc., for use by the independent auditors during their examination of World's year-end financial statements. All procedures performed by the audit assis tant were noted in the "Legend" section; the schedule was properly initialed, dated. and indexed and then submitted to a senior member of the audit staff for review Internal control was reviewed and is considered to be satisfactory. Required: a. What information that is essential to the audit of debt and equity securities is missing from this schedule? b. What essential audit procedures were not noted as having been performed by the audit assistant? (AICPA, adapted) din audit the financial statements of Vernon Distribu- WORLD MANUFACTURING, INC Marketable Securities Year Ended December 31, 2018 Dividends & Interest Face Purchased Description of Security Sere Nie V Geno Ledger General Leder 1231 2015 2010 12031 More Cou Poy Dat De ACCS 1231 Car Du A 2021 21-7 10.000 9.4000 9.400 9.100 115 15 12/1 0. 30004 1.2004 D 4 730 275 100 26.220 2019 2024 2021 2020 27.500 4.000 27 5008 4.000 66.000 5.00 30.000 5.000 10.000 100 000 5 10 00-2 094 57.0000 1.000 71 100.000 100.000 100,000 140.00 101.250 141650 5.000 7.250 10500 57.000 16.000 5.000 5.561 1 1 Chapter 16 Anding the Power Code Sacs 104 1600 7.500 16.00 1 75064 75CM 7.d 7.d 12 vo US SO 3.700 9,700 9.800 2/1 00.4 BO, 17.200 17.200 17.400 4600 ST) lo 1 Les and above che an. End . 550 WORLD MANUFACTURER Marketable Securities Year Ended December 31, 2018 Dividends & Interest Purchased Descrion of Security Se No. Foce Vale of Bonds Genero Ledger NT Sold AT 2018 General Ledger 12/31 12/31 Market Pay Dates Amt Rec Accruals 12/31 2018 Cost Corp Bonds Y Due % 6 2023 A 21-7 10,000 9,400 9.400a 9.100 1/15 7/15 12/1 8/1 3000, 300b.d 1.2006.d 450b.d 27,500 4,000 26.220 5.080 275 100 188 G R 5 4 9 5 TO 2019 2024 2021 2026 27.500a 4,000a 66,000a 230 16-4 08-2 07-4 30,000 5.000 70.000 100,000 57.000b.c 66.000 7/1 5,000 100,000c.e 100.000 101,250 141,650 5,000b,d 7.250 105,900a 100,000 140,900 tg 57,000 66.000 5,563 al 1 f Stocks P1,000 Common 1,044 7.500 7,500 7,600 3/1 6/1 9/5 12/1 750b.d 750b.d 750b.d 750b.d 250 8,530 9.700a 9,700 9,800 USO shs Common 2/1 8/1 B006, 800b,d 667 17,200 17.400 4,600 917 17,200 19 1 Legends and comments relative to above schedule Begring balances agreed to prewerking Paper b-Doch recept coloredomised-phases and sales served Apped to 1095 Comed by trading to broker's advice To footed - Ar to generale
