Audit Case Project - March 2011 - final

Audit Case Project - March 2011 - final - McCullough's...

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McCullough's General Store Group Case Assignment Workpaper title, index, initial and dates should be included on each workpaper. (W/P = workpaper) There is no need for print formating. Scope for posting individual AJE's (adjusting journal entries) amount > $400. W/P Requirements Index 1. Use W/P 10 as your working trial balance (no general ledger provided), 10 2. Provide W/P references on trial balance refering to workpapers in each section of the sectio 10 Each workpaper must tie to the trial balance. A Cash B Accounts Receivable C Inventories D Property, Plant and Equipment G Debt 3. Perform Audit Work on Cash. A - 1, A-2, A-3 Test Bank Reconciliation, Proof of Cash, Confirmation, Petty Cash (See exhibit 1) 4. Perform Audit Work on Trade Accounts Receivable. B-1, B-2 Test customer account balances and Allowance for Doubtful Accounts. (See exhibit 2) 5. Perform Audit Work on Inventory. C - 1 Test inventory counts and inventory pricing. (See exhibit 3) 6. Perform Audit Work on Property, Plant and Equipment. D - 1 (See exhibit 4) 7. Perform Audit Work on Debt. G - 1 Tie in confirmations (at A-3) to debt, test total interest expense, test current portion. 7. Complete the schedule of auditor's passed AJE's. 10 - 1 Year End - Dec. 31, 2010 : Audit work performed - February 15 - March 15, 2011 Use the applicable audit procedures and the proper work paper documentation to complete the requirements below. Use only the information provided to complete your audit workpaper. Worksheets have been started and should be used as workpapers, whereas worksheets labled as exhibits should not be included as workpapers (although information found on them can be summarized within workpapers) . If information is not provided then there is no requirement to complete the procedure, only complete the ones which have information provided. Journal Entries must be completely documented, included both debit and credit and any calculations to arrive at AJE. All analytical procedures must be documented including all details and calculations. Proper use of tick marks and workpaper cross references are required. and record your posted AJEs. Trial Balance must balance to zero. Use this schedule for all misstatements found below $400 (not posted items). Determine if the sum of all passed AJEs are material. Use $5,000 as materiality for total Assets, total Liabilities, and total Equity. The schedule must balance.
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McCullough's General Store Trial Balance lb,ph,pl, wh,ns December 31, 2010 12/31/2010 12/31/2010 Pre-Audit Posted Adjusted W/P Account # Account Name Balance AJE's Balance Reference 1100 Cash on hand 2,000 2,000 A-1, A-3 1101 General Checking (30,000) 500 (29,500) A-1, A-2, A-3.1, A-4 1102 Savings 85,000 85,000 A-1, A-2 1103 Payroll 10,000 10,000 A-1, A-2 1200 Accounts Receivable - Trade 175,000 175,000 1201 Reserve for bad debts (10,000) (10,000) B-1, B-1.1, B-2, B-3 1204 A/R Employee Advances 15,600
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This note was uploaded on 07/27/2011 for the course ACCT 102 taught by Professor Huxhold during the Spring '11 term at UCSD.

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Audit Case Project - March 2011 - final - McCullough's...

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