year-end and thus overstates total cash by $1.500 at year-end. (Callout #8) Savet Exit 3 Callouts Determination 1. "...although pass adjustment due to immateriality." 25 moints 2. "No adjusting entry is needed as of 12/31/year 5.. eBook Print 3. "The comment is a "boilerplate" disclaimer of liability that definitely does not affect the reliability of the information we obtained." References 4. "The deposit in transit seems properly handled on the bank reconciliation (Exhibit 2) with a debit to cash." 5. "This is because it was not written until 1/1/year 6." 6."..be deleted from the outstanding check list: no adjusting journal entry seems necessary." 7. "No further audit response is necessary related to check 2027." 8. "Check 2032 appears to result in the cash being recorded in both accounts per books as of year-end and thus overstates total cash by $1,500 at year-end." 5 Assignment Help Save & EX Submit 3 This simulation presents the Keystone Computers & Networks, Inc. (Keystone) Cash Work Memo for the general account and petty cash prepared by two members of your audit team-your responsibility is to evaluate various statements included in that document, considering the various exhibits. Background financial and other information on Keystone is included in Appendix 6c of Chapter 6. The controller of Keystone Computers & Networks, Inc. (Keystone), a nonissuer, prepared six exhibits relating to Keystone's General Account cash position at year 5 year-end. A new audit assistant with your CPA firm has begun the audit of cash but has a number of questions and comments based on a quick examination of the exhibits, now included in the working papers, and a discussion of some matters with the controller of Keystone. Required: Your job as senior on the engagement is to review the various points made by the assistant, including consideration of the exhibits. For each of the sentences called out in the points on the document, determine if the current language is appropriate as is, should be removed altogether, or replaced with any of the provided alternatives Links to each of the exhibits are provided in the document, but are available in the list below for convenience. Exhibit 1 - Cash Lead Schedule Exhibit 2 - Bank Reconciliation-General Account Exhibit 3 - Standard Bank Confirmation Exhibit 4 - Deposit in Transit Exhibit 5 - Outstanding Checks-General Account Exhibit 6 - Bank Transfer Schedule-General Account Document (For each Document Callout, choose the correct Determination from the table below.) es Tot Audit Senior From: Audit Assistant Re: Keystone Computers & Networks, Inc. General Account Cash Work Date: January 11, year 6 I have a number of points related to the auditing procedures I applied to Keystone's cash accounts as follow 5 Assignment Help Save & EX Submit 3 This simulation presents the Keystone Computers & Networks, Inc. (Keystone) Cash Work Memo for the general account and petty cash prepared by two members of your audit team-your responsibility is to evaluate various statements included in that document, considering the various exhibits. Background financial and other information on Keystone is included in Appendix 6c of Chapter 6. The controller of Keystone Computers & Networks, Inc. (Keystone), a nonissuer, prepared six exhibits relating to Keystone's General Account cash position at year 5 year-end. A new audit assistant with your CPA firm has begun the audit of cash but has a number of questions and comments based on a quick examination of the exhibits, now included in the working papers, and a discussion of some matters with the controller of Keystone. Required: Your job as senior on the engagement is to review the various points made by the assistant, including consideration of the exhibits. For each of the sentences called out in the points on the document, determine if the current language is appropriate as is, should be removed altogether, or replaced with any of the provided alternatives Links to each of the exhibits are provided in the document, but are available in the list below for convenience. Exhibit 1 - Cash Lead Schedule Exhibit 2 - Bank Reconciliation-General Account Exhibit 3 - Standard Bank Confirmation Exhibit 4 - Deposit in Transit Exhibit 5 - Outstanding Checks-General Account Exhibit 6 - Bank Transfer Schedule-General Account Document (For each Document Callout, choose the correct Determination from the table below.) es Tot Audit Senior From: Audit Assistant Re: Keystone Computers & Networks, Inc. General Account Cash Work Date: January 11, year 6 I have a number of points related to the auditing procedures I applied to Keystone's cash accounts as follow