7-36 (OBJECTIVES 7-7, 7-8) You are the in-charge auditor on the audit of VandervoortCompany 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 clientdata (instructor's option).RequiredVandervoort CompanyA/C # 110-Notes ReceivableSchedulePrepared by JDApproved by PP 2-15-17N-I Date1-21-1712-31-16MARTIN-APEX CO.AJAX, INC.JJ.CO.P. SMITHPETERSONTENT CO.Date madeDate duePaid to date6/15/156/15/1711/21/15DemandPaid$3,59111/1/15$200/mo.12/31/16x $ 13,1807/26/16$1,000/mo.9/30/1625,0005%50,0005/12/15Demand9/3/16$400/mo.11/30/16x $ 12,000 xNonePaidFace amount$5,000$2,100Interest rate5%5%5%5%6%Value of securityNoneNone$ 24,000None$ 10,000Note Receivable:12/31/15 bal.Additions$4,000 py$ 3,591 py $ 12,780 py $$2,100 py $25,00012,000Payments(1,000)$(3,591)(2,400) x$ 10,380(5,000) x(2,100)2$(1,600) x$ 10,40012/31/16 bal.$3,000$02$20,000ТОTALSCurrent$3,0002,4007,98012,0008,000$ 4,800$22,2005,60021,580$ 10,400 @ $43,780tbtbLong-termTotal end. bal.$3,00024$ 10,380@ $20,000 @2$tbInterest Receivable:12/31/15 bal.Interest earnedInterest received12/31/16 bal.$ 104 py2$0 py $24 py $2$0 ру105$0$ 128175X1025774681621,589(102)24(601)2$X(200) х(105)$ 0(108) x(1,116)$ 601 a/r$ 2792$2682$54X= Testedpy = Agrees with prior year's audit schedules.tb = Agrees with working trial balance.#= Agrees with miscellaneous income analysis in operations w/p.alr = Agrees with A/R lead schedule.Chapter 7/ AUDIT EVIDENCE257

Auditing is the verification of accuracy and correctness of books of accounts by independent persons…

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).

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).

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 35RQSC

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Comprehensive Problems (covers all content) Problem 11: List the Summary of the Audit Process in correct phases (from beginning to end of audit): Perform analytical procedures and tests of details of balances Complete the audit and issue and audit report Plan and design an audit approach Perform tests of controls and substantive tests of transactions Phase 1 ______ Phase 2 ________ Phase 3 ________ Phase 4 ________ Give an example of each step.
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I need this question completed in 5 minutes with handwritten working out
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