You are the in-charge on the audit of Vandervoort Company and are to review the audit schedule shown above.

Required
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 softwareprogram.

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Vandervoort Company A/C # 110-Notes Receivable 12-31-11 Schedule N-1 Date Prepared by JD 1-21-12 Approved by PP 2-15-12 MARTIN- APEX CO. AJAX, INC.JJ. CO. P. SMITH PETERSON TENT CO. Date made Date due Paid to date Face amount $5,000 x 3,591 x 13,180 x Interest rate Value of security None Note Receivable: 5/12/10 Demand Paid 25,000 x 2,100 5% 6/15/10 6/15/12 11/21/10 Demand Paid $200/mo. 12/31/11 7/26/11 $1,000/mo. 9/30/11 5400/mo. 11/30/11 12,000 x 596 5% 5% $ 24,000 $ 50,000 S 10,000 12/31/10bal. S4,000 py $3,591 py $ 12,780 py $ Additions 0 $2,100 py $ 12,000 1,000) x (3,591) (2,400) x S 10,380 $ 2,400 (5,000) x (2,100) ,00 x 12/31/11 ba. $3,000 S 20,000 $ 10,400 TOTALS $22,200 tb 21,580 tb $ 10,400$43,780 tb $3,000 $ 12,000 8,000 $ 4,800 7,980 Long-term Total end. bal. $3,000 0 5,600 $ 10,38020,000$0 Interest Receivable: 12/31/10 bal. Interest earned Interest received 12/31/1I bal. 24 ру $ 577 X (601) x $104 py $ 0pyS S 128 5 0 Py $ 105 X 0 102 x (102) x 175 x 468 X (200) x 162 x 1,589 # (105) x (108) x 1,116) $ 279 268 54 S 601 a/r x = Tested py- Agrees with prior year's audit schedules. tb Agrees with working trial balance. #-Agrees with miscellaneous income analysis in operations wip. a/r Agrees with A/R lead schedule.