Riverwood Accounting Company has the following account in its cost records: Work in Process-Jones Audit Direct labor 80.000 Services completed 169.012 Project overhead 108.000 Riverwood applies overhead to projects at a predetermined rate based on direct labor costs. Assume that Riverwood uses a job order costing system and that Jones Audit is the only job in process at the end of the perlod. Complete the following cost sheet for services still in process for Jones Audit. Job Order Cost Sheet Jones Audit (Services in Process) Direct labor 2 X Project overhead Total cost ON

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Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.