Objective:  Develop audit documentation skills, calculate materiality and apply professional judgement.

Directions:

Review the following client source documents:

Access the following workpaper spreadsheet with audit program and workpapers:

Apollo_Planning_Part_2_Audit_Mini_Case.xls 

• Check the PBC Trial Balance for accuracy.
• Trace the prior period Trial Balance to the prior period 10-K.
• Prepare the Materiality workpaper.
• Transfer items deemed significant to the audit to A-3 from Planning Part I
• Signoff on A-0 Audit Planning Program

ADDITIONAL GUIDANCE:

• Review all posted materials related to the case.
• Review the instructions, audit program, and workpaper
• Trace (tie out) 12/31/2019 trial balance amounts to 2019 10-K. Some of the balances will need to be aggregated to tie out to financial reporting format (for example – cash).  If the balance agrees to the 2019 10-K, document A-1 with A-3 (10-K)
• Foot (add up) the 12/31/2020 trial balance, aggregate total assets, liabilities, equity, revenue, expenses, and compute unadjusted net income. Document at the bottom of the trial balance workpaper (A-2).  Use MS Excel functions to sum accounting elements.
• Prepare materiality workpaper (A-5).
• Sign-off on audit procedures performed on A-0 as preparer and reviewer with your initials.

REMINDER – one submission per audit team  DUE Monday, February 14th by 11:59 p.m. in Canvas