1.

No, the audit work paper should be prepared by the auditor (or auditing firm) The part of the auditors job is to documents his/her finding in work paper. The work paper that is prepared by auditor (or auditing firm) is more reliable than the one is prepared by the client.

2. u=footed and/or cross-footed recalculation, accuracy =agreed to general ledger confirmation, completeness y=traced to accounts receivable subsidiary ledger analytical or scanning, completeness i=verified aging scanning or inquiry or confirmation , cut off c=confirmed; no exception confirmation, existence or completeness cx=confirmed with exception - confirmation or inquiry, existence

3. classification, inquiry The classification of the audit assertions was violated. The classification of account receivable from J.R farmer was recorded as a classification of account receivable from officer.

4. Documents, recalculation, scanning -Collect the invoice and cancelled check or note (if the customer cancelled the check) from the customer to recalculate them. -Compare journal entries for unusual items and perusal of a list by scanning.

5. Subsequent events are used to evaluate the amounts to be recorded in financial statement, need to care the conditions(interest, inventory, etc.) that existed at the balance sheet date and those that come into being after the end of the year (Inventory audit occurs after the year-end) 6. Dear V.M.H We have reviewed your audit work paper of accounts receivable as of December 31, 201x. Overall, the audit work paper you prepared is good. However, I would like to give you some recommendations for the improvement of this audit work paper. First, the audit work paper that is prepared by the public auditing firm is more reliable. You would better to hire independence auditor. Second, including some important documents makes the audit work paper more trustworthy. The important documents could be a letter of bank confirmation, planning documents, and audit procedures. We believe that the result of our reviewing about this work paper will be beneficial to your future audit work. If you have any questions, please feel free to contact me anytime. Thank you

Sincerely, Misoo Kim Haenee Lee Sooyun Lim

Audit 4500 Case 2 Audit Work papers

Misoo Kim Haenee Lee Sooyun Lim