You are the senior accountant in the audit of Granger Grain Corporation, whose business primarily involves the purchase, storage, and sale of grain products. The corporation owns several elevators located along navigable water routes and transports its grain by barge and rail. Your staff assistant submitted the following working paper analysis for your review:

a. In what respects is this brief analysis incomplete for audit purposes? (Do not include any discussion of specific auditing procedures.)
b. What two different types of contractual arrangements may be inferred from your assistant€™s analysis?
c. What additional auditing procedures would you suggest that your staff assistant perform before you accept the working paper as beingcomplete?

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GRANGER GRAIN CORPORATION Advances Pald on Barges Under Construction-a/c 210 December 31, 20X1 Advances made 1/15/X1-Ck. No. 3463 Jones Barge Construction Co. 4/13/X1-Ck. No. 4129-Jones Barge Construction Co. 6/19/x1- Ck. No. 5396 Jones Barge Construction Co. $100,000* 25,000* 63,000 188,000 188,000t Total payments Deduct cash received 91/X1 from City Life Insurance Co. Balance per general ledger-1231/X1 $0- Examined approved check request und paid check ind truced to cash disbursements journal. Traced to cash receipts journal md to duplicate deposit ticket