Your firm, ACTG 307 & Associates, is engaged to audit the financial statements of XYZ Corporation. It is a private manufacturing company that is considering going public in three to four years. Your firm has been preforming audit services to this client for the past five years. The client requires financial statements audits for monitoring purposes, but mainly to receive finance and loans from banks. The management team has high level of competence and integrity, and based on the other team’s assessment of internal control, the control risk is low.Another team did most of the audit tests and completed most of the audit work papers (WP). Your team is assigned to complete the work papers and audit tests of the engagement. Specifically, your team is required to do the following:1. Write an engagement letter, dated 11/6/2020, by completing WP 2-1.2. Perform the preliminary analytical procedure WP 3-1 and 3-2 and comment on:a. The client liquidity, profitability and solvency.b. The client ability to continue as a going concern.3. Assess the preliminary materiality based on the policy provided (WP 1-13), and complete WP 3-5, assuming moderate risk and satisfactory results of the analytical procedures.4. Complete the audit of the accounts receivables:a. Calculate the sample size for A/R confirmation by following steps in WP 25-2.b. Assume that you received answers for all of the confirmations and only one of them indicated that the balance is wrong. The balance recorded is $598,000, but the correct amount is $589,000. Prepare an adjusting entry on WP 25-5.c. Complete the A/R lead sheet WP 25-1, and complete the conclusions box by stating whether this account is fairly stated or not. (Ignore the allowance for doubtful accounts).5. Complete the audit of inventory:a. Assume that all the steps of the inventory audit program were done and the misstatements were only found in the machinery account, AC# 200-101.b. You need to complete WP 30-1, 30-5 and 30-15.6. Assuming that all other tests came to be satisfactory, prepare an audit report, with the appropriate opinion (dated 2/21/2021).7. Complete the project by having all of the required work papers with a cover page that has your group number and names of the group members, in one word document, and drop it in the drop box on D2L by the midnight of Friday 4/15/2022. No late assignment will be accepted.Notes:1. Comparative income statements and balance sheets are provided.2. Make sure to initial every document. [If you are from group # 1, your initial will be G1].3. Five points will be deducted for each error or omission, including, but not limited to, missing initials, missing a date, wrong calculations, wrong conclusions, etc.4. Submitting the wrong audit report or submitting two different audit reports will lead a loss of 20 points.5. Watching the lecture videos for the related chapters will be very helpful.
Pictures were provided as an example of an engagement Letter The attached is the project .
Why Choose Us
We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.
Professional Academic Writers
Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.
Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.
We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.
At Graduate Assistants, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.
Customer Support 24/7
Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: firstname.lastname@example.org.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Graduate Assistants has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At Graduate Assistants, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.