The company uses the percentage of completion method for recording long-term contracts. The company has two long-term contracts with details below Project 1- Downtown Hotel & Shopping Centre • Contract price and details are in the excel file. Expected completion date is in 2022 Project 2 – Factory & Warehouse • Contract price and details are in the excel file. Expected completion date is in 2023 In the Excel spreadsheet, see the tab “Revenue Recognition" to perform any necessary calculations. More detailed information is provided on that tab. You only need to record the transactions for revenue and expense recognition – not billing and not cash collections.

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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.