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Description Inherent Risk, Tests of Controls, and Substantive Procedures Calculate the required ratios for all given years. Identify and explain high inherent risk assertions. Analyze and draw conclusions about the nature and extent of tests of controls. Analyze and draw conclusions about the nature, timing, and extent of substantive procedures.Audit Procedures for Property, Plant, and Equipment Explain the audit procedures for acquisition and disposal of property, plant, and equipment related to the occurrence, accuracy, and completion assertions. Using examples, explain and demonstrate how auditing the disposal of property, plant, and equipment provides evidence of depreciation expense. Form conclusions about a selected sample of acquisitions of property, plant, and equipment.Assingment will be checked for plagiarism! 3 attachmentsSlide 1 of 3attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Printed by: isauralperry@gmail.com. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. / Inherent Risk, Tests of Controls, and Substantive Procedures Overview In this assignment, you will prepare a 2–3 page professional document that addresses the requirements specified in the case. Fully address each requirement and include at least two current references to scholarly and/or authoritative sources. Instructions Specifically you will be required to: 1. Calculate the required ratios for all given years. 2. Identify and explain high inherent risk assertions. 3. Analyze and draw conclusions about the nature and extent of tests of controls. 4. Analyze and draw conclusions about the nature, timing, and extent of substantive procedures. Cloud 9 - Continuing Case Answer the following questions based on the information for Cloud 9 presented in the appendix to this text. The following information focuses on evaluating inherent risk, control risk and detection risk for purchase transactions and accounts payable. Required a. After reviewing the trial balance, calculate the following ratios for Cloud 9 as of 1/31/2021, 1/31/2022, and 10/31/2022: 1. Accounts payable turnover in days (use ending balance rather than average balance for accounts payable). 2. Cost of goods sold to average accounts payable. 3. Payables as a % of total assets. 4. Current ratio. 5. Any other ratios and information that you believe would be appropriate to evaluating inherent risk for purchase transactions and accounts payable balances. b. Based on your analysis of information gathered: 1. Identify high inherent risk assertions for purchases transactions and accounts payable. 2. Evaluate inherent risk for purchase transactions and accounts payable. Explain why you have identified various assertions as high or maximum risk for accounts payable. c. Analyze and draw conclusions about the nature and extent of tests of controls: 1. For each assertion that you identify as high or maximum inherent risk, identify an internal control, or a combination of internal controls, that would control that risk. 2. Explain the nature and extent of tests of controls you would need to perform to assess control risk as low, for the controls you identified in (c)1 above. d. Analyze and draw conclusions about the nature, timing, and extent of substantive procedures: 1. Given your conclusions about inherent risk and assuming that tests of controls show that internal controls are effective, what are your conclusions about detection risk for the assertions identified as high or maximum inherent risk? Explain your conclusions. 2. For the assertions you identified as high or maximum inherent risk, what is the substantive procedure you would suggest performing (nature of the test)? Explain your conclusions. 3. For the assertions you identified as high or maximum inherent risk, when do you suggest performing the substantive procedure (timing of the test)? Explain your conclusions. 4. For the assertions you identified as high or maximum inherent risk, how extensively should the auditor test these assertions (extent of the test)? Explain your conclusions. Reference Raymond N. Johnson. 2019. Auditing: A Practical Approach with Data Analytics. Wiley. Audit Procedures for Property, Plant, and Equipment Overview In this assignment, you will prepare a 2–3 page professional document that fully addresses the requirements specified in the case. Include at least two current references to scholarly and/or authoritative sources. Instructions Specifically you will need to: 1. Explain the audit procedures for acquisition and disposal of property, plant, and equipment related to the occurrence, accuracy, and completion assertions. 2. Using examples, explain and demonstrate how auditing the disposal of property, plant, and equipment provides evidence of depreciation expense. 3. Form conclusions about a selected sample of acquisitions of property, plant, and equipment. 4. Use at least two current, quality academic or authoritative sources in this assignment. Note: Wikipedia and similar websites do not qualify as quality scholarly and/or authoritative sources. Use the Strayer University Library to conduct your research. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. The specific course learning outcome associated with this assignment is: • Develop conclusions about acquisitions by a given client using audit procedures related to occurrence, accuracy, and completion. Cloud 9 - Continuing Case Answer the following questions based on the information for Cloud 9 presented in the appendix to this text, as well as the current and earlier chapters. You should also consider your answers to the case study questions in earlier chapters. You have obtained the following information about property, plant, and equipment for Cloud 9. Required a. You are auditing the acquisition of property, plant, and equipment. Explain the audit procedures to audit the following assertions. 1. Occurrence of acquisitions of property, plant, and equipment. 2. Accuracy of acquisitions of property, plant, and equipment. 3. Completeness of acquisitions of property, plant, and equipment. b. You are auditing the disposals of property, plant, and equipment. Explain the audit procedures to audit the following assertions. 1. Occurrence of disposals of property, plant, and equipment. 2. Accuracy of disposals of property, plant, and equipment. 3. Completeness of disposals of property, plant, and equipment. c. How does auditing the disposals of property, plant, and equipment provide evidence related to depreciation expense? d. You select the following sample of acquisitions of property, plant, and equipment. What can you conclude about the acquisitions of property, plant, and equipment from this evidence? Tolerable misstatement for property, plant, and equipment is $1 million. Answer: A. Occurrence of acquisitions of property, plant, and equipment 1. Determine and document an appropriate selection criteria that will result in testing the entire population. Consider the large amounts, unusual amounts, balances from related parties, other key items. 2. Using the criteria, select a sample of acquisitions in the schedule of capital assets 3. Perform physical inspection 4. Examine appropriate supporting documents B. Accuracy of acquisition of property, plant, and equipment 1. Determine whether the cost allocated to the asset is appropriate 2. Determine whether the depreciation method is appropriate 3. Correlated additions to corresponding disposals 4. Cross-reference information about liens and encumbrances to the related liability information 5. Develop an expectation of depreciation by asset class based on the average balance of assets and average useful life 6. Determine the rang of acceptance and compare to lapsing schedule 7. Identify significant fluctuations from expectations and discuss with management 8. Consider plausibility of responses and corroborate explanations and responses where appropriate 9. Determine whether results of theses procedures were not reasonable. If so, document how management will achieve a more accurate estimate in the current year. 10. Consider whether there are indicators of asset impairment C. Completeness of acquisitions of property, plant and equipment 1. Obtain a schedule of capital assets and reconcile with general ledger balance 2. Agree opening balances to the prior period's schedule 3. Determine if acquisitions were not in prior period's schedule 4. Prove mathematical accuracy 5. Select a sample of acquisitions in the actual premises that physically exist and trace to the schedule of capital assets Answer: Audit procedures regarding disposal of property, plant and equipment: a.) Occurrence 1. Obtain a listing of asset disposal during the reporting period. 2. Obtain supporting documents such as fixed asset disposal form, intercompany transfer form and approval documents and invoice. 3. Examine whether these were properly accounted for in the books. b.) Accuracy 1. Obtain journal entries made and calculate whether depreciation was appropriately reflected in accordance with the Company's depreciation policies. 2. Evaluate whether journal entries made appropriately reflect proceeds in the invoice, applicable depreciation, carrying amount and gain or losses, if any. c.) Completeness 1. Inquire if asset additions represent asset replacement and if asset replaced were included as disposal. 2. Inquire with the appropriate personnel (e.g. production supervisor should know the disposal of a production equipment) if there were assets disposed during the reporting period. 3. In relation to other accounts and examining whether properly accounted for: • Evaluate whether product lines were discontinued (when auditing revenues), inquire on the movement of the assets used for the line. • If there is reduction or change in owned or leased warehouses/production facilities/offices, inquire on the assets previously used in such. For accuracy and completeness: 1. Analyze unusual gains or losses recorded which may be lodged under others/miscellaneous income statement accounts and whether proceeds and carrying amount on date of disposal were properly accounted for. For all assertions: 1.) Obtain a listing of additions, disposals and reclassifications to and from other accounts. Add or deduct, as applicable, such amounts to beginning property, plant and equipment balances to arrive at the ending balance. Investigate if any difference arises with the amount that appears in the trial balance. Audit Procedures for Property, Plant, and Equipment Overview In this assignment, you will prepare a 2–3 page professional document that fully addresses the requirements specified in the case. Include at least two current references to scholarly and/or authoritative sources. Instructions Specifically you will need to: 1. Explain the audit procedures for acquisition and disposal of property, plant, and equipment related to the occurrence, accuracy, and completion assertions. 2. Using examples, explain and demonstrate how auditing the disposal of property, plant, and equipment provides evidence of depreciation expense. 3. Form conclusions about a selected sample of acquisitions of property, plant, and equipment. Cloud 9 - Continuing Case Answer the following questions based on the information for Cloud 9 presented in the appendix to this text. You have obtained the following information about property, plant, and equipment for Cloud 9. Required a. You are auditing the acquisition of property, plant, and equipment. Explain the audit procedures to audit the following assertions. 1. Occurrence of acquisitions of property, plant, and equipment. 2. Accuracy of acquisitions of property, plant, and equipment. 3. Completeness of acquisitions of property, plant, and equipment. b. You are auditing the disposals of property, plant, and equipment. Explain the audit procedures to audit the following assertions. 1. Occurrence of disposals of property, plant, and equipment. 2. Accuracy of disposals of property, plant, and equipment. 3. Completeness of disposals of property, plant, and equipment. c. How does auditing the disposals of property, plant, and equipment provide evidence related to depreciation expense? d. You select the following sample of acquisitions of property, plant, and equipment. What can you conclude about the acquisitions of property, plant, and equipment from this evidence? Tolerable misstatement for property, plant, and equipment is $1 million. Reference Raymond N. Johnson. 2019. Auditing: A Practical Approach with Data Analytics. Wiley. 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