Assignment on Audit Planning
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Added on 2020-04-07
Assignment on Audit Planning
Added on 2020-04-07
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Running Head: AUDITINGAuditName of the Student:Name of the University:Authors Note:
2AUDITINGTable of ContentsTrial Balance:...................................................................................................................................4Income Statement:...........................................................................................................................5Balance sheet:..................................................................................................................................51.0 Audit planning:..........................................................................................................................71.1Analytical Review:............................................................................................................81.2Preliminary judgment of materiality:................................................................................82.0 First account selected:................................................................................................................82.1 Rationale for selection:..........................................................................................................92.2 Assertion and explanation:....................................................................................................92.3 Recommended Audit procedure:...........................................................................................93.0 Second account selected:.........................................................................................................103.1 Rationale for selection:........................................................................................................103.2 Assertion and explanation:..................................................................................................103.3 Recommended audit procedure:..........................................................................................104.0 Third account selected:............................................................................................................104.1 Rationale for selection:........................................................................................................104.2 Assertion and explanation:..................................................................................................114.3 Recommended audit procedure:..........................................................................................11
3AUDITING5.0 Fourth account selected:..........................................................................................................115.1 Rationale for selection:........................................................................................................115.2 Assertion and explanation:..................................................................................................115.3 Recommended audit procedure:..........................................................................................126.0 Fifth account selected:.............................................................................................................126.1 Rationale for selection:........................................................................................................126.2 Assertion and explanation:..................................................................................................126.3 Recommended audit procedure:..........................................................................................137.1Sixth account selected:.......................................................................................................137.1 Rationale for selection:........................................................................................................137.2Assertion and explanation:..............................................................................................137.3Recommended audit procedure:......................................................................................138.0 Seventh account selected:........................................................................................................148.1 Rationale for selection:........................................................................................................148.2 Assertion and explanation:..................................................................................................148.3 Recommended audit procedure:..........................................................................................14References:....................................................................................................................................16
4AUDITINGTrial Balance:Cerise EnterprisesTrial BalanceParticularsJul 1, 2016 - June 30, 2017DebitCreditCash at Bank 82,266.67 Accounts receivable 134,090.00 Inventory 181,595.00 Machinery 71,000.00 Accumulated Depreciation 34,491.35 Motor Vehicles 66,000.00 Accumulated Depreciation 30,479.53 Furniture 7,400.00 Accumulated Depreciation 3,142.25 Bank Loan 230,000.00 Sales 189,000.00 Cost of sales 69,500.00 Consultancy fees 59,250.00 Interest income 48.00 Bank charges 348.00 Depreciation 21,866.09 Interest expense 11,500.00 Printing 231.00 Repairs and Maintenance 1,320.00 Wages 48,000.00 Superannuation 3,263.33 Owner's Equity 151,968.96 698,380.09 698,380.09 On the basis of the above Trial balance the income statement and the Balance sheet of CeriseEnterprise have been prepared below.
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