Question: Note at least 5 audit procedures that you will perform in order to collect sufficient appropriate audit evidence for the assertions of 'existence' and 'accuracy valuation and allocation' (e.g., Check subsequent sales prices and compare with cost). For each of the procedures, note ways in which the auditor could use excel and the data file discussed above to help perform the procedure.

Prod_No Prod_Name Avg_Cost Sales_Price PQTY Balance Sale_qty LPDATE COGS Sales 430 2430 2420 10/10/2017 18/10/2017 30323 LONG NOSE PLIERS 7" 15.87 25 85 45 1/11/2017 10/11/2017 69591 4 CU FT WHEELBARROW 1.83 2.9 720 820 800 10/08/2017 30/09/2017 1500.6 81001 SUPER CALLUM LEAF MULCH 1.22 2.29 600 587 30/03/2018 10/03/2018 1344.23 100306 CYLINDRICAL LOCK SET BLK 16.98 420 1020 200 3/10/2017 10/08/2017 1616 100316 BATH LOCK SET BRASS 1.4 3.98 190 390 546 260.4 100336 BATH LOCK SET COPPER 12.5 250 650 248 30/09/2017 31/12/2017 8125 100356 BATH LOCK SET ALUMINUM 39.98 135 20/09/2017 23/09/2017 4144 3996 5397.3 100818 1/2" 90 DEGREE ELBOW COP 10.8 124 48 10/02/2017 31/08/2017 1339.2 518.4 767.52 101018 1/2" 45 DEGREE ELBOW COF 162 144 10/02/2017 31/08/2017 970.38 862.56 102066 CLASSIC ENTRANCE SET BLK 3.02 300 450 420 1/10/2017 1/01/2018 1125.6 102086 COLONIAL ENTRANCE SET BR 8.42 10.95 120 2062.9 799.9 1040.25 102096 SEVILLE ENTRANCE SET BR 110 235 6615.25 102106 CAPE COD ENTR SET BLK 25.98 650 80 5/02/2018 8/02/2018 612 30/09/2017 31/12/2017 1 1700 15899.76 102116 CAPE COD ENTR SET BR 59.98 140 540 130 30/09/2017 31/12/2017 25380 6110 7797.4 102618 1/2" SOFT TUBING 30'COIL 50 150 40 6/06/2017 10/06/2017 915 102628 R161D TUBING 1/2" -12' 50 24 64 18 11/01/2018 14/01/2018 738 900 102710 ALUMINUM TEAPOT 8 CUP 38.7 340 300 11/09/2017 15/09/2017 13158 102840 PRESSURE COOKER 8QT 56 32 11/01/2018 14/01/2018 2296 102918 1/2" TEE COPPER TO COP 8.7 9.9 105 305 210 6/06/2017 10/06/2017 1827 2097.9 104177 LATEX SEMI-GLOSS LILAC 11.2 290 170 20/10/2017 1/11/2017 3248 2546.6 104327 LATEX SEMI-GLOSS YELLOW 8.99 3300 5300 20/10/2017 1/01/2018 40600 37100 104347 LATEX SEMI-GLOSS ORANGE 12.4 16.98 90 180 2021.2 2767.74 104377 LATEX SEMI-GLOSS GREEN 175 4972.4 6957.95 104397 LATEX SEMI-GLOSS CARAMEL 0.29 0.44 1730 1500 20/10/2017 1/01/2018 501.7 435 660 104657 LATEX SEMI-GLOSS PINK 11.2 95 195 184 20/10/2017 1/11/2017 2756.32 104677 LATEX SEMI-GLOSS APRICOT 3400 6000 20/10/2017 1/01/2018 100800 106218 1/2" GATE VALVE COPPER 19.99 75 275 3888.5 1216.04 1719.14 112276 MATCHING DOOR KNOCKERBLK 7.95 90 290 110 1/11/2017 10/11/2017 1864.7 707.3 874.5 112296 LION DOOR KNOCKER BR 130 230 120 23/10/2017 30/10/2017 112356 MATCHING DOOR KNOCKER BR 3.32 4.8 75 1/11/2017 10/11/2017 265.6 249 360 33 119040 BLANCHER 3.49 700 248 30/09/2017 31/12/2017 41.23 650 1850 600 22/03/2018 31/03/2018 96275.5 24738 123438 ADAPTER FIBERCAST 3"X4" 3.99 112 50 15/08/2017 31/08/2017 349.44 156 199.5 123938 NEOPRENE ROOF FLASH 3" 8.8 50 50 0 1/12/2017 10/12/2017 440 123968 REDVGING TY 3"X3"X1" 12.98 275 90 15/01/2018 21/01/2018 346 150 420 412 9/10/2017 1/11/2017 3334.8 3271.28 4120 126008 1/2" CPVC PLASTIC PIPE 6.56 5.99 75 475 412 10/04/2017 31/08/2017 0.99 300 300 10/03/2017 10/04/2017 129 129 126308 1/2" CPVC PIPE STRAP 155.8 79.5 80 12 10/03/2017 20/04/2017 1869.6 954 134420 VEGETABLE STEAMER 50 804 20/03/2018 5/03/2018 135060 192 OZ DUTCH OVEN 51.98 95 195 93 15/06/2017 1/07/2017 3742.32 155150 STEP-ON CAN 1.47 2.59 1300 1300 1248 15/03/2018 5/03/2018 1834.56 3232.32 155160 1 SHELF BREADBOX 540 423 155170 4 PC CANISTER SET 299.99 90 165 147 10/08/2017 21/09/2017 200306 CYLINDRICAL LOCK SET BR 5.12 510 1410 30 3/10/2017 10/08/2017 207220 NAPKIN & RELISH HOLDER 59.6 89.98 210 18895.8 217066 ALUMINUM DOOR 14.1 19.98 250 140 11/09/2017 15/09/2017 50 220074 3/8" COMPACT DRILL PRESS 137.8 259.99 75 95 88 10/08/2017 21/09/2017 13091 12126.4 22879.12 10.12 100 2100 842 30/03/2018 31/03/2018 21252 8521.04 14297.16Hardco Limited Case Preparation for the workshgp_ You are to assume that you are working in the team charged with the audit of Hardco Limited (Hardco) for the year ended 31 March 2018 and will be working on inventory. Hardco purchases a wide variety of hardware products directly from the manufacturer and then on sells these to retail hardware stores across New South Wales. Inventory is stored in a single warehouse. Total sales revenue for the year is expected to be approximately $1,000,000. Planning materiality has been set at $50,000 and performance materiality for inventory is $30,000. You have been advised by company management that the sales price for all products has remained unchanged for the entire year. The company uses a period inventory system. The risk of material misstatement for the assertions of 'Existence' and 'Accuracy Valuation and Allocation' is high. The partner has decided to adopt a primarily substantive approach to the audit of inventory. You have downloaded some data 'om the client's information system and saved it as an excel le (this is available on the Course Moodle website) The data includes the following; Column Heading Description Prod_No Product Number Prod_Nan1e Product Name Avg_Cost Average cost per unit Sales_Price Sales Price PQTY Quantity of last purchase Balance Quantity available for sale as at 31 March Sales Quantity of product sold during the year LPDate Date of last purchase LSDate Date of last sale Inventory Cost of inventory at year end COS Cost of Sales for the year Sales Sales revenue for the year None of this information has been audited. Remember also that control risk has been set at high and no reliance is being placed on controls. In the workshop, you will be using Excel (or other spreadsheet packages) as an audit tool to assist in the execution of the audit plan and to perform substantive tests relating to the audit of inventory. Before the workshop, you must make sure that you are able to perform the basic excel functions of sorting data, using formulas to perform basic mathematical functions, and generating random numbers. There are many online tutorials that can help you have forgotten how to perform these basic functions. You should specically consider the following question and submit your preparation notes via Turnitin; 0 Note at least 5 audit procedures that you will perform in order to collect sufcient appropriate audit evidence for the assertions of 'existence' and 'accuracy valuation and allocation' (e.g., Check subsequent sales prices and compare with cost). For each of the procedures, note ways in which the auditor could use excel and the data le discussed above to help perform the procedure. Remember that, in order to be eligible for the 1 mark workshop participation for this topic, you must submit your preparation notes before the commencement of your workshgp via the Turnitin link. Submissions made after the start of the workshop will be considered late and receive a mark of zero. 10.12 900 842 30/03/2018 31/03/2018 8521.04 14297.16 15.98 650 700 30/09/2017 31/12/2017 31259.5 11186 53 221676 PNEUMATIC DOOR CLOSER 8.6 350 350 314 10/01/2018 15/01/2018 2492 2700.4 54 224984 ROUTER BOX 8.7 10.98 180 880 740 2/02/2018 5/02/2018 8125.2 55 225014 6 PC WOODBORIN SET 450 112 10/08/2017 21/09/2017 283.5 221.76 120 120 1/11/2017 10/11/2017 2.98 220 290 12/06/2017 31/08/2017 864.2 1157.1 58 226620 CAKE DECORATING SET 3.12 748 7020.52 144 294 212 12/06/2017 31/08/2017 946.68 1227.48 60 240284 FORMICA CUTTING BIT 6.87 670 2020 1870 10/10/2017 18/10/2017 12846.9 18681.3 61 240664 SHAPENER FOR 1/4" BITS 2.1 4.99 75 315 561.5 1022.95 EDGE GUIDE 87.4 136.99 25 7 14/09/2017 19665 22431.2 25754.12 63 241314 ROUT-A-FORM PANTOGRAPH 130 310 1/02/2018 6/02/2018 64 241754 STEEL ROUTER TABLE 8.4 14.98 75 275 0 27/03/2018 31/03/2018 65 243224 2 SP ROTARY SANDER 860 30/06/2017 15/07/2017 297 283.8 247034 SET OF 6 ROTARY CUTTERS 125 125 5/02/2018 8/02/2018 2368.75 0.03 1000 81000 71000 11/01/2018 14/01/2018 2130 2840 19.9 295 77 11/1 1/2017 18/11/2017 1532.3 2539.46 276054 21 PC MONO-CUTTER SET 2.41 2.79 9600 30/06/2017 15/07/2017 23136 26784 3.94 4.8 1000 5000 10/09/2017 12/12/2017 21670 19700 24000 302303 MITRE BOX 21" 21.4 90 167 154 11/11/2017 18/11/2017 5371.52 5.99 240 540 212 10/08/2017 30/09/2017 1620 636 1269.88 303343 STRAIGHT CLAW HAMMER 1.69 1500 1478 17/03/2018 5/03/2018 1095 2497.82 303403 12 OZ BALL PEIN HAMMER 10.99 100 96 12/06/2017 31/08/2017 705 1055.04 303413 8 OZ BALL PEIN HAMMER 40 240 140 15/08/2017 31/08/2017 502.6 76 305603 #4 SMOOTH PLANE 21.4 25 60 43 10/01/2017 30/04/2017 920.2 310890 MINCER 19.9 30 210 11/11/2017 18/11/2017 4477.5 6925.8 78 311800 PASTA NOODLE MAKER 7.4 90 290 140 1/01/2018 6/01/2018 1356.6 321663 SCREW DRIVER 1/8 X 4 SL 8.7 235 2044.5 74.98 190 10032 3696 5248.6 82 322303 SCREW DRIVER NO.3 PHILL 3.1 2.95 345 170 5/02/2018 8/02/2018 1069.5 527 501.5 83 324803 ARC JOINT PLIERS 6" 450 14/09/2017 20/09/2017 3145.5 84 324883 ARC JOINT PLIERS 16" 145 140 14/09/2017 20/09/2017 15190 11197.2 85 364163 TAP & DIE SET 41 PIECES 49.6 69.98 650 12 30/03/2018 31/03/2018 91760 825 1725 815 10/08/2017 21/09/2017 2811.75 1328.45 4066.85 87 412753 6 PC BOX END WRENCH SET 5.84 10.98 2200 4200 3840 10/08/2017 21/09/2017 24528 12425.6 42163.2 88 412903 8 PC METRIC HEX KEYS 3.1 3.79 24 124 36 15/08/2017 31/08/2017 384.4 136.44 89 414283 METRIC SOCKET SET 11 PC 8.4 12.99 95 270 262 3/11/2017 8/11/2017 2200.8 3403.38 90 414313 METRIC TOOL SET 3/8" DR 8.4 335 2620.8 4052.88 91 435438 DUAL LEVER FAUCET-NO-SPR 150 415 3901 3421.6 4368 92 501051 11" SPADING FORK 13.99 48 56 2017/6/12 31/08/2017 1469.64 556.08 783.44 93 501541 24" LEAF RAKE 5.3 7.5 210 1113 675 94 501551 20" LEAF RAKE 0.24 0.39 940 1250 30/06/2017 15/07/2017 309.6 300 95 504061 54" EDGING TURF 5.12 9.99 675 925 900 10/08/2017 21/09/2017 4608 96 504761 6" EDGE TRIMMER 8.83 12.98 550 735 10/08/2017 30/08/2017 6490.05 9540.3 97 506331 5 PIECE GARDEN TOOL SET 500 219.6 98 507811 50' RUBBER HOSE 1.37 2.49 725 725 610 10/08/2017 30/09/2017 993.25 1518.9 99 507841 25' VINYL HOSE 12.1 13.5 35 12 1/08/2017 9/08/2017 145.2 162 100 507851 50' VINYL HOSE 3.9 4.69 510 1510 1248 10/08/2017 30/08/2017 5889 4867.2 5853.12 101 508191 PISTOL GRIP NOZZLE 25.98 525 375 1/01/2018 6/01/2018 9817.5 9742.5