accounting

Instructions

1. !!VERY IMPORTANT!! Due to the similarity concerns, do not use this document for your deliverable.

2. Perform all tests of the inventory using ACL software. Download “Banlee” file and extract it to

“Documents\ACL Data\Sample Data Files”. Click OK when the project file loads.

3. Relate “Banlee_Inv_Summary” to “Banlee_Test_Counts” using tag numbers.

4. Relate “Banlee_Inv_Summary” to “Banlee_Inv_Master” using product numbers.

5. Expression formatting for amount is ($9,999,999.99).

Part 1

Please check the posted Excel file for the city that assigned to you.

1. Calculate the total cost of inventories in your assigned city.

2. Create to calculate the market of inventories. The expression name will be MarketValue in

Banlee_Inv_Summary with value of Banlee_Test_Counts.QUANTITY * Banlee_Inv_Master.UNIT_SP (if

LOCATION=”Cityname”). Take a screenshot for MarketValue <>0

3. Are there any inventories in “Banlee_Inv_Summary” that do not exist in “Banlee_Inv_Master”? (if

LOCATION=”Cityname”). Take a screenshot for your result.

4. Are there any counts in “Banlee_Inv_Summary” that do not match with “Banlee_Test_Counts”? (if

LOCATION=”Cityname”). Take a screenshot for your result.

5. Create an expression to calculate cost-based misstatement. The expression name will be Cost_MisStat in

Banlee_Inv_Summary with value of TOTAL_COST- Banlee_Test_Counts.QUANTITY*Banlee_Inv_Master.UNIT_COST (if LOCATION=”Cityname”). Take a screenshot for Cost_MisStat<>0

Part 2

Students will discuss their findings in Part 1 within the scope of Appendix 1 - 3 of International Standard on Auditing 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements (Available at: https://www.ifac.org/system/files/downloads/a012- 2010-iaasb-handbook-isa-240.pdf) Deliverable 2 will have the following plan:

1. Introduction

2. Findings (Hint: Add your screenshots and explain the result)

3. Discussion of the findings in the scope of Appendix 1 – 3 of ISA 240. (Hint: Compare the related tests)

4. Conclusion

5. References