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prepared like below d. Confirmation requests were sent to a stratified sample of 51 vendors listed in Figure 16-8. Confirmation responses from 45 vendors were
prepared like below
d. Confirmation requests were sent to a stratified sample of 51 vendors listed in Figure 16-8. Confirmation responses from 45 vendors were returned indicating no differ- ence between the vendor's and the company's records. Figure 16-9 (p. 560) presents the six replies that indicate a difference between the vendor's balance and the com- pany's records. The auditor's follow-up findings are indicated on each reply. Prepare an audit schedule similar to the one illustrated in Figure 16-10 (p. 562) to determine the misstatements, if any, for each difference. The audit schedule format shown in Figure 16-10 is available online. The exception for Fiberchem is analyzed as an - lustration. Assume that Pinnacle Manufacturing took a complete physical inventory at December 31, 2016, and the auditor concluded that recorded inventory reflects all inventory on hand at the balance sheet date. Include the balances confirmed without exception as one amount on the schedule for each stratum, and total the schedule columns d. Confirmation requests were sent to a stratified sample of 51 vendors listed in Figure 16-8. Confirmation responses from 45 vendors were returned indicating no differ- ence between the vendor's and the company's records. Figure 16-9 (p. 560) presents the six replies that indicate a difference between the vendor's balance and the com- pany's records. The auditor's follow-up findings are indicated on each reply. Prepare an audit schedule similar to the one illustrated in Figure 16-10 (p. 562) to determine the misstatements, if any, for each difference. The audit schedule format shown in Figure 16-10 is available online. The exception for Fiberchem is analyzed as an - lustration. Assume that Pinnacle Manufacturing took a complete physical inventory at December 31, 2016, and the auditor concluded that recorded inventory reflects all inventory on hand at the balance sheet date. Include the balances confirmed without exception as one amount on the schedule for each stratum, and total the schedule columnsStep by Step Solution
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