Overview
Auditing
Proofread and go over the excel Apollo file…particularly, complete A-5:
Complete Materiality Memo. Excel file is attached
-- On A-0, fill out the green sections. Enter the workpaper, your initials, and comment on what is on A-1, A-2, A-3, and A-5. --A-1 you need to foot the TB and comment on A-0 if it's in balance or not, or add any comments you find relevant. --A-2 is already footed, so on A-0 comment if it's in balance or not, or add any comments you find relevant --A-3 you need to trace the prior year trial balance to the 10-K and add a comment on A-0. --A-5 there are only six fields that you need to complete (watch my video under announcements). Refer to the other workpaper they provided, the formulas are there for 2019 and you'll follow the same formulas for 2020. Make sure you recognize that Cell 50. 4. Amount Selected should be referencing C19 and you would not put the figures in as negatives. It ends up a "negative" because sales is a CR so you would either absolute the formula or -SUM. Don't forget to add your initials as preparer. Finally, complete the Audit Risk Assessment. Upload on the the PLAN file and the Risk Assessment.
ACT450_M03_CT
| ACT450_M03_CT | ||
| Criteria | Ratings | Pts |
| This criterion is linked to a Learning OutcomeA-0 Planning Audit Program, and Tabs A-1 and A-2: Foot balances and ensure mathematical accuracy of PBC trial balances. | 30 to >25.0 ptsMeets ExpectationIncludes all of the required components, as specified in the assignment. 25 to >19.0 ptsApproaches ExpectationIncludes most of the required components, as specified in the assignment 19 to >13.0 ptsBelow ExpectationIncludes some of the required components, as specified in the assignment. 13 to >0 ptsLimited EvidenceIncludes few of the required components, as specified in the assignment. | 30 pts |
| This criterion is linked to a Learning OutcomeA-0 Planning Audit Program, and Tab A-3: Trace prior period balances to the closing balance in the prior period's financial statements (10-K). Note: some amounts on the financial statements are the sum of multiple TB accounts. | 30 to >25.0 ptsMeets ExpectationIncludes all of the required components, as specified in the assignment 25 to >19.0 ptsApproaches ExpectationIncludes most of the required components, as specified in the assignment 19 to >13.0 ptsBelow ExpectationIncludes some of the required components, as specified in the assignment. 13 to >0 ptsLimited EvidenceIncludes few of the required components, as specified in the assignment | 30 pts |
| This criterion is linked to a Learning OutcomeA-0 Planning Audit Program and Tab A-5: Complete Materiality Memo | 30 to >25.0 ptsMeets ExpectationIncludes all of the required components, as specified in the assignment. 25 to >19.0 ptsApproaches ExpectationIncludes most of the required components, as specified in the assignment 19 to >13.0 ptsBelow ExpectationIncludes some of the required components, as specified in the assignment. 13 to >0 ptsLimited EvidenceIncludes few of the required components, as specified in the assignment. | 30 pts |
| This criterion is linked to a Learning OutcomeComplete Audit Risk Assessment | 30 to >25.0 ptsMeets ExpectationIncludes all of the required components, as specified in the assignment 25 to >19.0 ptsApproaches ExpectationIncludes most of the required components, as specified in the assignment 19 to >13.0 ptsBelow ExpectationIncludes some of the required components, as specified in the assignment. 13 to >0 ptsLimited EvidenceIncludes few of the required components, as specified in the assignment | 30 pts |
| This criterion is linked to a Learning OutcomeWorkpapers contain the following: 1. Your initials in the box in the top right marked "Prepared By" 2. Completed workbook is renamed as PLAN_Firstname_Lastname and uploaded | 5 to >4.0 ptsMeets ExpectationIncludes all of the required components, as specified in the assignment. 4 to >3.0 ptsApproaches ExpectationIncludes most of the required components, as specified in the assignment 3 to >2.0 ptsBelow ExpectationIncludes some of the required components, as specified in the assignment. 2 to >0 ptsLimited EvidenceIncludes few of the required components, as specified in the assignment | 5 pts |
Total Points: 125