At the end of the audit, the in-charge accountant reviews all the work papers he has not already reviewed, and goes back over at least some of the work papers he had previously reviewed. There are several reasons for doing this. One reason is to be sure that the work papers support the opinion being rendered. Another reason is to be ready for the partner-level review. Yet another reason is to see what can be done better next year. Still another reason is that people who worked on the engagement must have their work evaluated. A homework assignment related to the chapter on completing the audit was to prepare two file folders. Each of the two folders should be set up the same way. The tab should be on the right side (even if you are left-handed). From top to bottom as someone opens the file, these 80 homework assignments are the exact things which should be in the file--no more, no less. The homework assignment then listed the memos which students should have written and turned in during the semester.

Required:

a. Did the student prepare the file folder with the tab at the right? Answer yes or no.

b. Were all the memos inside the file folder in the exact order prescribed? Answer yes or no. If your answer is no, explain the noncompliance.

c. Evaluate each of the other student's memos, one at a time, using each of your own memos as a comparison. Did each of that other student's memos accomplish what was required? Evaluate each, one at a time, and answer for each.

d. As you examine each memo, which is better, yours or the other student's? Why do you answer the way you do?

Answer rating: 100% (QA)

Quiz a The student did not prepare the file folder with the tab at the right For one the student prepared the file folder with the tab on the left The... View the full answer