1) Read case study and assess the given informatio nin it. Identify at least three significant assertions, WCGWs and explain how these assertions might be at risk. Develop an audit strategy memo that lists the appropriate audit procedures for each risk of the assertion. You may also need to use provided datasets. Although the most critical information is provided in the text, explain at what stage of the audit and using which audit procedures, an auditor would obtain this information. What special audit considerations need a separate attention from an auditor?

2) Based on the tests of controls and other Information Technology General Controls (ITGC) testing, your firm has concluded that the data files supplied to you for your procedures are complete and accurate. The conclusion was based on tests of controls over data input risks, including all relevant data elements (e.g., invoice date), data integrity risks, and the relevant automated application controls.However, it is also important to confirm that the data, once imported into Excel, was transferred into the technology tool in a complete and accurate manner prior to working with the data within the technology tool. Reconcile the data with the supplied trial balance and check figures from the case. Simply stated, you must check that the data has been transferred in a complete and accurate manner at each step in the process. Thus, to ensure that you are working with the set of transactions and balances that the client used to calculate Sales Revenue and Accounts Receivable, answer the following questions: 

a)What are the total number of valid sales that comprise the $84,867,855 sales revenue shown on the trial balance as of 12/31/2017?

b)What are the total number of unpaid invoices that comprise the $11,988,886 gross accounts receivable balance shown on the trial balance as of 12/31/2017? 

Assume that Urgent has no outstanding accounts receivable from 2016.

4. What other substantive or analytical procedures cam you perform on the provided dataset? What evidence it would provide and how it would help in decision of audit conclusion?

5. Draft a memo to your audit partner about your finding and your conclusion on revenue and receivable accounts.

Answer rating: 100% (QA)

1 The assertions at risk in this case are 1 That the cash balances reported on the balance sheet are accurate There is a risk that the cash balances reported on the balance sheet are not accurate This ... View the full answer