Unit 4 Homework TemplateTHIS TEMPLATE IS IN EXCEL AND CANNOT BE UNLOCKEDNameShatana BentleyEvidence1Vendor invoicesEXTERNALHIGHPAYABLES2Vendor monthly statementsEXTERNALHIGHPAYABLES3Sales invoicesINTERNALMODERATECASH4Shipping documents for salesINTERNALHIGH5Bank Statements (received directly from bank)EXTERNALHIGHCASH6Employee payroll time cardsINTERNALLOW7Receiving reports for goods received from vendorsINTERNALMODERATE8Sales Contracts (executed by both parties)EXTERNALMODERATESALES9EXTERNALMODERATESALES10EXTERNALHIGHSALES11Estimated Warranty SchedulesINTERNALMODERATEPAYABLES12EXTERNALMODERATESALES13Credit Rating ReportsEXTERNALHIGHPAYABLES14Vendor Invoice (This was duplicated in the text)SituationsExistenceRights and ObligationsCompletenessValuation and AllocationPresentation & Disclosure1AXX22AX13AX14AXX25AX16AXX27AXX28BXX29AX110AXX212345b Who owns the documentation, the auditor or the client? (Minimum of 10 words)1The auditor will be able to identify which accounts will require special audit attention when the auditor starts reviews said accounts.234d1.1 Is it permissible to provide the client copies of the auditor's previous documentation? (Minimum of 20 words)123Situation1The wrong trade discount was usedYESYES2The client charged sales tax to a tax exempt customerNOYES3The client failed to record returned merchandiseYESYES4The invoice contained a clerical errorNONO5The payment was posted to the wrong customers accountYESNO6The client failed to record a saleYESYES7The payment was in transit at the confirmation dateYESYES8YESYES9YESNOEND OF TEMPLATEProblem 7-38 (11.7 Points)Important - Although the text calls for you to include the management assertions as part of your answer, I am not requiring them for this problem, therefore they are not included on the template(Select the best choice for the usual source of the evidence when being provided to the auditor)Classification(What is the reliability of the audit evidence being provided?)Reliability(What account or general account category is the evidence likely to support?)AccountRECEIVABLESPAYROLL EXPRECEIVABLESPurchase Commitment Contracts for inventory purchases (executed by both parties)Lease agreements where the client is the lessor (executed by both parties)
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