Accounting Auditing (ACCTG 5510) CASE 3 – Receivables and Payables (20 Points) CASE 1 is due via Canvas before the start of class on the assigned due date. Work in your assigned groups -

accounting

Description

Accounting Auditing (ACCTG 5510) CASE 3 – Receivables and Payables (20 Points) CASE 1 is due via Canvas before the start of class on the assigned due date. Work in your assigned groups - individual submissions will not be accepted. PART A – RECEIVABLES (10 points) You are in the process of auditing Canyon, Inc., a manufacturer. Canyon has trade accounts receivable balances from hundreds of the Company’s active customers. The outstanding A/R balance at year-end is $4,555,220. According to professional standards, how should you audit accounts receivable (i.e. – what test work will you perform)? What assertions are relevant to auditing the accounts receivable balance? What audit procedures are you going to perform to adequately cover those objectives? Explain the basis for your responses.

Instruction Files

Related Questions in accounting category


Disclaimer
The ready solutions purchased from Library are already used solutions. Please do not submit them directly as it may lead to plagiarism. Once paid, the solution file download link will be sent to your provided email. Please either use them for learning purpose or re-write them in your own language. In case if you haven't get the email, do let us know via chat support.