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U vy I LEIS SUMerty renale: 7-36 (OBJECTIVES 7-7, 7-8) You are the in-charge auditor on the audit of Vandervoort Company and are to review the audit schedule shown below. a. List the deficiencies in the audit schedule. b. For each deficiency, state how the audit schedule could be improved. c. Prepare an improved audit schedule, using an electronic spreadsheet software pro- gram. Include an indication of the audit work done as well as the analysis of the client data (instructor's option). Required Vandervoort Company Schedule N-I Date AIC # 110Notes Receivable Prepared by JD 1-21-17 12-31-16 Approved by PP 2-15-17 MARTIN- AJAX, INC. J.J.CO. P. SMITH PETERSON TENT CO. 11/21/15 11/1/15 7/26/16 5/12/15 9/3/16 Demand $200/mo. $1,000/mo. Demand $400/mo. Paid 12/31/16 9/30/16 Paid 11/30/16 $3,591 * $ 13,180 * $ 25,000 x $2,100 * $ 12,000 X 5% 5% 5% 6% None $ 24,000 $ 50,000 None $ 10,000 5% $4,000 py APEX CO. Date made 6/15/15 Date due 6/15/17 Paid to date None Face amount $5,000 X Interest rate 5% Value of security None Note Receivable: 12/31/15 bal. Additions Payments (1,000) 12/31/16 hal. $3,000 Current $3,000 Long-term Total end. bal. $3,000 @ Interest Receivable: 12/31/15 bal. Interest earned 175 interest received 12/31/16 bal. $ 279 $ 3,591 Py $ 12,780 py $ 0 25,000 $(3.591) X (2.400)_x (5,000 x $0 $ 10,380 $ 20,000 S 2,400 $ 12,000 7,980 8,000 0 $ 10,380 @ $ 20.000 @ $2,100 py$ 0 12,000 (2,100) X (1,600) $ 0 $ 10,400 TOTALS $ 4,800 S22,200 5,600 21,580 0 $ 10,400 @ $43,780 5 66 $ $ $ 104 py $ X 0 $0 162 x (108) x 54 $ 128 1,589 (1.116) $ 601 alr 0 py $ 24 pys 0 $ 102 X 577 X 468 105 X (102) X (601) X (200) x (105) x $ 0 $ 0 $ 268 $ 0 $ **Tested py - Agrees with prior year's audit schedules, tb Agrees with working trial balance. # - Agrees with miscellaneous income analysis in operations w/p. ar-Agrees with A/R lead schedule