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п»їHi Crew C, you presented a couple of Word data, including a qualification of originality, as well as a file containing a memo of audit findings for the audit from the fixed property cycle, and a idiota on prepay assets and other asset a conclusion, as well as leadsheets for fixed assets and prepaid assets. Your idiota contained exceptional conclusions, which include inconsistencies in the useful existence of true property, pc equipment, and production equipment. You noted inconsistencies in depreciation means for various property categories based on Apollo Shoes or boots accounting recommendations. Regarding R& D expense related to certain patents that had been capitalized, Certainly with your summary that the patents should be expensed. You also acquired valid results in your prepay assets and other assets workpapers. You did note the most material issue in my opinion, which can be the failure to reclassify from prepay insurance to insurance expense. That is a nearly $900, 000 adjustment, evidently material. Nevertheless , you skipped the most material fixed asset issue, which can be assets which were depreciated, but not yet placed in service. You made reference to prepaid insurance, and correctly adjusted the prepaid equilibrium to note the failure to expense current year insurance, which might have reduced pre-paid insurance. Pertaining to other property, I failed to see any reference to indications that the Shockproof Socks investment was wrongly classified. You additionally could have presented a lender reconciliation. You made observations about set assets, although correctly taken into account that it's not really the auditor who makes adjustments towards the client's monetary statements. The auditor ought to point out examine deficiencies, but it is the customer that make the greatest judgment to make changes. A few suggestions in order to organize the workpapers employing tick markings and footnotes. It will really organize your workpapers. Another suggestions will be, you could have recorded your review plan, or presented more in the way of authority for your findings. There were as well issues associated with depreciation methods. Please start to see the text answer below to find out more about the fixed resources, prepaids and also other assets examine. Score 4. 5/5.
APOLLO SHOES, INC.
A great Audit Circumstance to Come with
AUDITING AND ASSURANCE SERVICES
Mentor Cal Christian
East Carolina University
Professor Tim Louwers
James Madison University
Prepay expenses give the students a way to examine their very own recollections of economic accounting principles. The basic philosophy is to analyze the year end balance in these accounts in order to find the assisting documentation that supports these kinds of balances. If the balances happen to be incorrect students should associated with adjustments which can be necessary to appropriate the balance. The students that have appreciated the auditing concept is going to do well in it.
Prepaid and Other Assets
Audit prepaids вЂ“ this will require a great audit system
Look at Insurance Expenditure.
Review Other Assets вЂ“ comes with the study of Investments and also other Assets (the patent). 112
Examine Interest Income.
Points to Keep in mind
This is an excellent opportunity to highlight that when you audit a property there is usually an expense produced also. Recognize there are a lot more audit methods in the audit program then simply required simply by Apollo. The lead activities are also modified to be basic a roll-forward schedule is established as a supporting document to assist in the review process. It will have an realignment to pre-paid insurance. Only one insurance superior has been expensed in 3 years ago. The insurance confirmations will provide the scholars with the required information. Prepay rent and supplies are both audited by simply Bradley as well as the amounts happen to be confirmed in his work. Because of the make-up of other resources (and the truth that we will certainly group these items together on the year-end Harmony Sheet), we have created a...
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