Chat with us, powered by LiveChat Introduction to Lesson 11 Group Assignment This week, we look at Chapter 8 ? Apollo mini | WriteDen

Introduction to Lesson 11 Group Assignment This week, we look at Chapter 8 ? Apollo mini

 Introduction to Lesson 11 Group Assignment

This week, we look at Chapter 8 – Apollo mini case for ‘Liabilities’. Download the Electronic Working Paper for chapter 8 Click for more options

Your Tasks:

Test of Control

1. Read the 'Purchase Narrative' (Tab C-1) first to identify what kind of control activities the company has.

2. Set up the test of control workpaper (in Tab C-2) by selecting 5 control activities you identified from 'Purchase Narrative' and designing a test of control that fits each of the control activities that you selected. 

Exhibit 8.6 and 8.7 in the textbook present plenty of examples of test of controls that you can choose from. Also, I included the 'Revenue Narrative' and 'Revenue Controls Test' tabs so that you get an idea of how the workpaper should look like (Your task is only to set up the workpaper. You cannot actually perform the test because you cannot observe the control activities or collect audit evidence).

Search for Liabilities

We learned in this lesson a number of audit procedures to search unrecorded liabilities. Your task is to perform one type of those procedures. In Tab F-1 'Liabilities Lead Sheet', you will see an unfinished workpaper. Your job is to perform a 'search for unrecorded liability' procedure and enter the audit adjustment amount for Account Payables (highlighted in yellow), if you find any.

In Tab F-4 ' Cash Disbursement Journal', an audit staff has already selected a sample of cash disbursements made in the subsequent year, investigated them, and documented in the ‘Note’ column the purpose of these payments. 

  1. Read ‘Notes’ for each payment. Find payments that should have been included in the 2020 liability balance: Document next to each item whether the item is A/P for year 2020.
  2. See if that payment was properly recorded as an outstanding A/P in AP Aged Schedule (Tab F-3) 
  3. If not, that amount should be an audit adjustment. Sum all the 2021 payments that you found they should have been recorded as 2020 A/P and complete the A/P portion of the Liabilities Lead Sheet.


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