ACC 492 Week 5 DQs

 This paperwork of ACC 492 Week 4 Assignments from the Text consists of:


 17-22 (Internal Controls for Plant Assets) Harris, CPA, has accepted an engagement to audit the financial statements of Grant Manufacturing Co., a new client. Grant has an adequate control environment and a reasonable segregation of duties. Harris is about to assess control risk for the assertions related to Grant's property and equipment.

 Required

 Describe the key internal control structure policies and procedures related to Grant's property, equipment, and related transactions (additions, transfers, major maintenance and repairs, retirements, and dispositions) that Harris may consider in assessing control risk.


 17-26 (Substantive Tests and Disclosures for Long-Term Debt) Andrews, CPA, has been engaged to audit the financial statements of Broadwall Corporation for the year ended December 31, 20X1. During the year, Broadwall obtained a long-term loan from a local bank pursuant to a financing agreement that provided that the

 1. Loan was to be secured by the company's inventory and accounts receivable.

 2. Company was to maintain a debt-to-equity ratio not to exceed two to one.

 3. Company was not to pay dividends without permission from the bank.

 4. Monthly installment payments were to commence July 1, 20X1.

 In addition, during the year the company also borrowed, on a short-term basis, from the president of the company, including substantial amounts just prior to the year-end.

 Required

 a. For purposes of Andrews' audit of the financial statements of Broadwall Corporation, what substantive tests should Andrews employ in examining the described loans? Do not discuss internal control.

 b. What are the financial statements disclosures that Andrews should expect to find with respect to the loans from the president?

Business - Accounting
 ACC 492 Week 4

 ACC 492 Week 4 Individual Assignment Assignments From the Text

 Resource: Modern Auditing

 Prepare answers to the following assignments:

 Ch. 17: Comprehensive Question Internal Controls for Plant Assets

 Ch. 17: Comprehensive Question Substantive Tests and Disclosures for Long-Term Debt

 ACC 492 Week 4 Individual Assignment Case Study

 Resource: Case 8.1: Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning from Auditing Cases: An Interactive Learning Approach located on the Week Four Materials page

 Prepare written answers that follow the case.

 ACC 492 Week 4 Learning Team Assignment Apollo Shoe Case Assignment

 Resource: Apollo Shoes Case Materials located on the Week Four student website

 Complete the following audit sections:

 Prepaids and Other Assets

 Before completing this section, review the Planning section and the Cash section with emphasis on the Apollo Shoes Bank Rec.

 Fixed Assets

 Before completing this section, review the Planning section with emphasis on the Apollo Shoes Minutes.

 ACC 492 Week 4 Learning Team Assignment Assignments From the Text

 Resource: Modern Auditing

 Prepare written answers to the following assignments:

 Ch. 17: Comprehensive Question Substantive Tests for Stockholders’ Equity Balances

 Ch. 18: Comprehensive Question Substantive Tests for Cash Balances

 What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affec

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