several audits

7-36 (OBJECTIVES 7-7, 7-8) You are the in-charge auditor on the audit of Vandervoort Company and are to review the audit schedule shown below. a. List the deficiencies in the audit schedule. b. For each deficiency, state how the audit schedule could be improved. c. Prepare an improved audit schedule, using an electronic spreadsheet software pro- gram. Include an indication of the audit work done as well as the analysis of the client data (instructor's option). Required Vandervoort Company A/C # 110-Notes Receivable Schedule Prepared by JD Approved by PP 2-15-17 N-I Date 1-21-17 12-31-16 MARTIN- APEX CO. AJAX, INC. JJ.CO. P. SMITH PETERSON TENT CO. Date made Date due Paid to date 6/15/15 6/15/17 11/21/15 Demand Paid $3,591 11/1/15 $200/mo. 12/31/16 x $ 13,180 7/26/16 $1,000/mo. 9/30/16 25,000 5% 50,000 5/12/15 Demand 9/3/16 $400/mo. 11/30/16 x $ 12,000 x None Paid Face amount $5,000 $2,100 Interest rate 5% 5% 5% 5% 6% Value of security None None $ 24,000 None $ 10,000 Note Receivable:…

You are now nearing the completion of the audit of Rooney Co Ltd for the year ended 31 December 2020. Draft financial statements have been produced. You have been given the responsibility of performing of a review of the audit files before they are passed to audit manager and the audit partner for their review. You have been asked to concentrate on the sources of the evidence obtained. While reviewing the working papers you noted that your junior officers have recorded the following sources of evidence:(i) Oral representation by management in respect of the completeness of sales where the majority of transactions are conducted on a cash basis.(ii) Year-end suppliers' statements (iii) Physical inspection of a non-current asset by an auditor One of your responsibilities is to act as a mentor to junior officers into the department Required : ISA 500 Paragraph 4 states that ‘’The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to…

Consider the following independent situations, all of which apply to audits of entities for the year ended 31 December 2019:   In July 2019, Alpha Ltd started using a new general ledger software package. The Financial Controller is impressed with the new system, because management accounts are easily produced and allow detailed comparisons with budgets and prior-period figures across product lines and geographical areas. The conversion to the new system went smoothly. As it is a popular computer package, it required only minor   As part of a computer systems conversion in Beta Ltd, the position of Systems Administrator was created. This position is responsible for all systems maintenance, including data backups and modifications. These tasks were previously the responsibility of the   Gamma Ltd is a large supermarket chain with outlets in all major cities in the country. In August 2019 Gamma Ltd contracted out its payroll data processing in each city to an independent computer…