Accounting Auditing (ACCTG 5510) CASE 3 – Receivables and Payables (20 Points) CASE 1 is due via Canvas before the start of class on the assigned due date. Work in your assigned groups – individual submissions will not be accepted. PART A – RECEIVABLES (10 points) You are in the process of auditing Canyon, Inc., a manufacturer. Canyon has trade accounts receivable balances from hundreds of the Company’s active customers. The outstanding A/R balance at year-end is $4,555,220. According to professional standards, how should you audit accounts receivable (i.e. – what test work will you perform)? What assertions are relevant to auditing the accounts receivable balance? What audit procedures are you going to perform to adequately cover those objectives? Explain the basis for your responses.
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