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Solution Manual for Assurance Practice Set for Comprehensive Assurance & Systems Tool (CAST), 4th Edition

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    Comprehensive Assurance & Systems Tool: An Integrated Practice Set Fourth Edition Laura R. Ingraham J. Gregory Jenkins Solutions Manual for Assurance Module

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    Assurance - 1 INSTRUCTIONAL NOTES CLIENT ACCEPTANCE: The Winery at Chateau Americana INSTRUCTIONAL OBJECTIVES  Understand types of information used to evaluate a prospective audit client  Evaluate background information about an entity and key members of management  Brainstorm relevant financial and non-financial factors related to client acceptance  Perform and evaluate preliminary analytical procedures  Make and justify a client acceptance decision  Describe matters that should be included in an engagement letter KEY FACTS  Chateau Americana (CA) is a family-owned winery that is currently considering whether to hire a new public accounting firm.  Current year sales - $21,945,000; net income - $1,997,000; total assets - $42,029,000.  CA operates a 125-acre vineyard which yields one- fourth of the winery’s production needs. CA is a modest winery with annual production of 385,000 cases of wine.  The wine industry is a fragmented industry with more than 8,000 wineries in the United States.  Most key management positions are held by members of the Summerfield family. The exception to this rule is Rob Breeden, the CFO.  The winery implemented a new accounting information system some fourteen months ago. There has been some employee turnover as a result of the new system.  Discussions with the predecessor auditor, William Lawson, revealed no significant disagreements with management; however, Mr. Lawson indicated that Rob Breeden was “more aggressive” than the winery’s former CFO .

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    Ingraham & Jenkins Assurance - 2 SUGGESTED SOLUTIONS The following solutions relate to steps from the audit program that students were asked to complete. 1. Brainstorm about and briefly describe financial and non-financial factors that are relevant to the decision to accept the potential client. Student responses to this requirement will vary. The following is a partial list of the factors that are likely to be relevant to the firm’s decision. Financial Factors: a. CA has strong and upwardly trending sales and has been profitable for the last three years and beyond as evidenced by the retained earnings balance. b. Although CA’s current ratio is below the industry average, its AR and Inventory turnover compare favorably. c. The company’s debt load is lower than the industry average (debt -to-equity ratio for the company is 0.52 [calculation shown in solution to question 3 below] compared to the industry average of 0.99 in the most recent year). The company’s strong sales and earnings have provided sufficient cash to cover debt and interest payments and produce a Times Interest Earned measure above the industry average (9.41 [calculation shown in solution to question 3 below]compared to 6.91 in the most recent year). d. CA’s balance sheet appears to be strong with increasing current assets. Much of the increase in the last year is in the company’s Investments and Production Inventories balances. In addition, the company has invested more than $2,000,000 in productive assets in the last year. e. Accounts payable have increased by more than 35% since the prior year and long term debt has increased slightly. Non-financial Factors: a. The company is considering an initial public offering in the near future. b. The wine industry is a highly fragmented industry that is dominated by a small number of large companies such as Ernest & Julio Gallo and Constellation Brands. c. Wine distribution is primarily achieved through supermarket chains and mass merchandisers. Other distribution outlets offer substantially less growth opportunity. d. The wine industry appears to have a bright future and the industry, as a whole, has significant growth opportunities in the US. Wine consumption is highest among adults 35-64 years of age, the generation that tends to have the greatest amount of disposable income. e. Significant consolidation has taken place in the wine industry and the trend is likely to continue. f. CA has entered into exclusive distribution agreements with outlets in several large metropolitan areas and is seeking similar opportunities in other areas. g. The Summerfield family owns the winery and members of the family hold most management positions. h. Rob Breeden became the winery’s CFO just two years ago after the company’s CFO of more than 15 years resigned. There are rumors that the resignation was in response to disagreements between the CFO and the president, Edward Summerfield, regarding the need for a new IS. i. The vice-president of winery operations, Jacques Dupuis, was accused of theft of trade secrets form a former employer, but the charges were ultimately dropped due to insufficient evidence. j. CA implemented a new IS some fourteen months ago. The new system is fully integrated with modules for purchasing and accounts payable, sales and accounts receivable, production and inventory, payroll, and the general ledger. Each of these modules provides data that are critical to

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    CAST: Client Acceptance Solution Assurance - 3 the company’s operations. There has been some employee turnover due to continuing problems with the AP and AR modules. k. Discussions with the predecessor auditor indicate that there were no significant disagreements, but the former partner-in-ch arge made the comment that Rob Breeden was “more aggressive than CA’s former CFO.” 2. Perform preliminary analytical procedures using the financial statements provided by the client. Calculate ratios for comparison to the industry averages provided. Company Ratios Industry Ratio 20XX 20XX 20XW Current Ratio 27,076 ÷ 7,082 = 3.82 3.82 4.9 4.7 Accounts Receivable Turnover 21,945 ÷ [(5,241 + 4,816) ÷ 2] = 4.36 4.36 4.42 4.30 Average Days to Collect Accounts Receivable 365 ÷ 4.36 = 83.72 83.72 82.58 84 .88 Inventory Turnover 11,543 ÷ [(15,593* + 14,309) ÷ 2] = .77 * Includes production and finished goods 0.77 0.67 0.80 Days in Inventory 365 ÷ 0.77 = 474 474 545 456 Assets to Equity 42,029 ÷ 27,718 = 1.52 1.52 1.99 2.14 Debt to Equity Ratio 14,311 ÷ 27,718 = 0.52 0.52 0.99 1.14 Times Interest Earned 3,386 ÷ 360 = 9.41 9.41 6.91 7.29 Return on Assets (1,997 + 360) ÷ [(42,029 + 38,322) ÷ 2] = 5.9% 5.9 % 5.56 % 7.61 % Return on Equity 1,997 ÷ [(27,718 + 25,721) ÷ 2] = 7.5 % 7.5 % 5.92 % 10.76 % 3. Discuss the overall results of the preliminary analytical procedures. Identify relationships or areas that may be of concern during the audit. Ratios for CA generally compare favorably to industry averages. Certainly the company’s current ratio is belo w the industry average, but it’s AR and inventory turnover measures compare favorably. In addition, the asset to equity ratio is below the industry average and debt to equity is lower than the industry average. The company is generating a higher return on profits and equity than the industry. This also bears investigation. Notwithstanding the results from the analytical procedures, areas that would generally be treated as significant and requiring more audit effort include accounts receivable, investments, inventory, accounts payable, and long term debt. 4. Based on the information obtained do you recommend that the firm accept or not accept the potential client? Briefly explain the basis for your recommendation. Although there is no correct answer, most CPA firms would accept CA as a client. Student responses should include discussion of the financial and non-financial factors identified in response to question

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    Ingraham & Jenkins Assurance - 4 #1 above. It may also be useful to have a discussion of whether a CPA firm can accept a client such a s CA if they do not possess experience in that client’s industry. Students often believe that CPA firms cannot accept engagements when they have no related experience, but such is not the case. 5. Identify matters that should be included in an engagement letter for this client. Auditors are required to obtain an understanding with their client which should be documented in an audit engagement letter or other written agreement. The following are matters that should generally be included in an engagement letter (Refer to “ AU-C 210: Terms of Engagement ” for more discussion of obtaining an understanding with a client.):  The objective and scope of the audit of the financial statements  The responsibilities of the auditor  The responsibilities of management  A statement that because of the inherent limitations of an audit, together with the inherent limitations of internal control, an unavoidable risk exists that some material misstatements may not be detected, even though the audit is properly planned and performed in accordance with GAAS  Identification of the applicable financial reporting framework for the preparation of the financial statements  Reference to the expected form and content of any reports to be issued by the auditor and a statement that circumstances may arise in which a report may differ from its expected form and content Engagement letters may include other matters such as:  Elaboration of the scope of the audit, including reference to applicable legislation, regulations, GAAS, and ethical and other pronouncements of professional bodies to which the auditor adheres  The form of any other communication of results of the audit engagement  Arrangements regarding the planning and performance of the audit, including the composition of the audit team  The expectation that management will provide written representations  The agreement of management to make available to the auditor draft financial statements and any accompanying other information in time to allow the auditor to complete the audit in accordance with the proposed timetable  The agreement of management to inform the auditor of events occurring or facts discovered subsequent to the date of the financial statements, of which management may become aware, that may affect the financial statements  The basis on which fees are computed and any billing arrangements  A request for management to acknowledge receipt of the audit engagement letter and to agree to the terms of the engagement outlined therein, as may be evidenced by their signature on the engagement letter  Arrangements concerning the involvement of other auditors and specialists in some aspects of the audit  Arrangements concerning the involvement of internal auditors and other staff of the entity  Arrangements to be made with the predecessor auditor, if any, in the case of an initial audit  Any restriction of the auditor's liability when not prohibited  Any obligations of the auditor to provide audit documentation to other parties  Additional services to be provided, such as those relating to regulatory requirements  A reference to any further agreements between the auditor and the entity

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    Assurance - 5 INSTRUCTIONAL NOTES UNDERSTANDING THE BUSINESS ENVIRONMENT: The Winery at Chateau Americana INSTRUCTIONAL OBJECTIVES  Describe and document information related to the evaluation of a client’ s business environment  Describe sources of business risks and understand the relationship between business risk and the risk of material misstatements in the financial statements  Describe the types of information that should be used in assessing the risk of material misstatements in the financial statements  Articulate the types of questions that may be used to conduct interviews of client personnel KEY FACTS  The winery is a family business with most management positions held by family members.  The wine business is highly competitive with almost 8,000 wineries in the U.S.  The winery has a relatively stable workforce of 250 permanent employees and is currently operating below capacity.  The company’s products are sold in more than 20 states.  The company is planning to expand its sales force and increase sales to a level slightly below capacity over the next three to five years.  There is an active board of directors comprised of seven individuals – three employees and four non- employees. There are no sub-committees.  There is an incentive plan that is available to all employees. Bonuses are based upon company performance (e.g., sales, profits, and various production efficiency measures).  The company just completed its first full year after implementing a fully integrated accounting information system. The chief financial officer believes the system provides accurate and useful information.

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    Ingraham & Jenkins Assurance - 6 SUGGESTED SOLUTIONS 1. Document your assessment of Chateau Americana on each of the following criteria: business and industry, operations, management and corporate governance system, objectives and strategies, and performance measurement system. Many students will tend to want to focus on an evaluation of the company’s accounting system and will fail to understand the importance of understanding the company’s business environment. Instructors may wish to motivate this particular requirement by asking students to discuss the means by which a company might respond to various external business forces (e.g., competition, labor shortages, general economic conditions, investor expectations) and the impact that such actions can have on accounting decisions and choices. These criteria are based upon those discussed included in “ AU-C 315: Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement .” The following is a partial list of issues that students may discuss for each of the dimensions: Industry, regulatory and other external factors a. The winery is a typical family business with many management positions held by family members. b. Edward Summerfield, the winery’s president, founded the winery in 1980 following a long career in the wine industry. c. The wine business is highly competitive with some 8,000 wineries in the U.S. d. The company is located in California, home to almost half of all domestic wineries. This location gives the company reasonable access to a talented labor pool. e. While there is a trend toward consolidation, the Summerfield family does not intend to sell the company. Nature of the entity a. The winery has a stable work force of 250 permanent employees. Temporary employees are hired as needed to assist with the harvest each year. b. The winery’s current production level is below capacity such that unexpected demand can be accommodated given sufficient lead time. c. The company currently sells its wine in more than 20 states. d. The board of directors (BOD) has seven total members - three employees and four non- employees. Employee members are Taylor Summerfield and Rob Breeden. The non-employee members are Edw ard Summerfield’s wife Charlotte, Bill Jameson, and Susan Martinez, and Terrence Dillard. Bill and Susan are local business owners and Terrence is an attorney. e. The BOD generally meets for two to three hours four times a year. There are no subcommittees (e.g., audit committee, compensation committee, etc.). f. Management appears to be competent and each individual has relevant and substantial outside business experience. g. Management has no intentions of selling the company. The owners/managers rely on the company for their livelihood. Objectives and Strategies a. The winery plans to increase its sales force and to increase and sustain production at a level slightly below capacity within the next three to five years. Planned annual sales growth is eight to ten percent.

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    CAST: Understanding the Business Environment Solution Assurance - 7 b. The company currently has several exclusive agreements with distributors in several large metropolitan areas. Management plans to pursue similar agreements with distributors in other areas in the near future. c. The advertising and marketing budget appear to be sufficient. The vice president of marketing expects to increase the budget by 10 to 20 percent in the near future. d. The company is very conscious of its reliance on single customers. Consequently, no single customer represents more than five percent of annual sales. e. The company’s president noted that the company has excess production capacity of 80,000 cases per year, but the company’s vice -president of winery operations stated that excess capacity was just 20,000 to 30,000 cases. This difference should be resolved and its implications understood. Measurement and review of the entity’s financial performance a. The winery recently implemented a new, fully integrated accounting information system. The chief financial officer believes that the new accounting information system provides higher quality information than the old system. b. The sales force is compensated through a salary and sales-based commission plan. All other company employees receive annual bonuses based on the company’s overall performance. c. The company considers operating effectiveness and efficiency measures to determine the bonus amounts. 2. D ocument your assessment of Chateau Americana’s control environment. Students should document their assessment based upon the control environments outlined in “ AU-C 315: Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement .” These factors are integrity and ethical values, commitment to competence, participation by those charged with governance, management’s philosophy and operating style, organizational structure, assignment of authority and responsibility, and human resource policies and practices. Chateau Americana measures-up reasonably well on each of these factors. Based on the interviews the management group appears to be committed to honesty and hard work and also to rewarding these attributes. Employees are encouraged to maintain their competence levels and the company has a reimbursement policy which allows employees to continue to maintain their education and skill levels. The company has a board of directors comprised of three employee directors and four non- employee directors (although one of these individuals, Charlotte Summerfield, is the wife of the president). The company does not have an audit committee, but does appear to be reasonably active. Based on the available evidence the board appears to be filled with competent directors. The management group is committed to open communications with employees and maintains an “open door” policy. There has been l ittle employee turnover over the years which suggests that this approach is successful at maintaining employee morale. The company’s organizational structure is typical of a small, privately-owned business. The president appears to respect the opinions of other members of management and there does not appear to be a great deal of domination by a single person. While there is no explicit description of the company’s policies regarding assignment of authority and responsibility, the interview transcripts suggest that management employees understand their functions and are vested with the appropriate authority. The company seems to be committed to its employees and takes actions to reduce turnover and maintain their skills. The final requirement asks students to make an overall assessment of the control environment. There is no single answer to the question; rather, students’ memos should support their assessments which

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    Ingraham & Jenkins Assurance - 8 should be generally favorable. Instructors may wish to slightly modify this requirement by asking students to weight the seven underlying factors so that they gain an appreciation for the relative importance among the factors. 3. Identify and discuss factors affecting Chateau Americana’s business risk. For each of the factors, indicate the client’s b usiness objective that is put at risk. Student responses will likely differ as students may be less confident in their ability to identify business risks and the related at-risk business objectives. The following is a partial list of factors and the related at-risk business objectives: a. Wine consumption (i.e., sales) may decrease due to a deterioration in general economic conditions – Increasing sales and profits b. A poor- quality or lower than expected harvest could have negative consequences for the winery’s production and reputation – Future sales growth c. Consolidation within the industry could put pressure on the company’s ability to competitively price its wines – Growth in market share and sustained sales and profits d. General economic conditions could lead to higher than expected bad debts – Cash management strategies may be ineffective at maintaining necessary liquidity e. Unforeseen events (fire, flooding, freezing, etc.) may destroy or severely damage the winery’s vineyard or their suppliers’ vineyards – Sustained production f. The company’s new accounting information system may provide erroneous data to management – Numerous business objectives may be put at risk including cash management, accounts receivable collection activities, inventory management, and vendor payments g. A limited number of interested and qualified family members may give rise to management succession problems – Management succession is a significant issue in many companies, but especially in family owned businesses. If management succession and transition are not properly addressed a company can suffer from a host of operational and strategic difficulties. 4. Based on your knowledge of Chateau American, what accounts are likely to have a lower risk of material misstatement and what accounts are likely to have higher risk of material misstatement? NOTE: You may wish to ask students to begin by explaining the relationship between business risk and the risk of material misstatement in the financial statements. Responses may follow along these lines: Business risk represents the risk that a company will fail to achieve its objectives due to internal and/or external factors. The auditor should be concerned that management will respond to increased business risks by pursuing operational plans that might be ineffective or utilizing accounting practices that may be inappropriate. If management is unsuccessful in responding to business risks, there may be increased incentives to select accounting treatments that provide a desired outcome. Such pressures are greatest when the company reports results to outside parties such as stockholders and creditors. Students may have difficulty with this question. Nonetheless, the question is intended to encourage students to think carefully about how an auditor goes about making such an assessment. The suggested solution is based upon a typical audit environment with reasonably strong controls. Changes in the auditor’s assessment of the components of the audit risk model would influence the following discussion. Accounts that are likely to have a lower risk of material misstatement include: Cash, Investments, Notes payable, and Long-term debt. Cash is generally considered to have high inherent risk; however, because the year-end balance can be confirmed with an outside party, there is a lower risk of material misstatement. The Investments, Notes payable and Long term debt accounts

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    CAST: Understanding the Business Environment Solution Assurance - 9 are also easy to confirm with outside parties and so there is a lower risk of material misstatement for these accounts as well. Accounts that may have a higher risk of material misstatement include: Accounts receivable, Inventories, and Accounts payable and accrued expenses. Accounts receivable and Inventories require management to exercise considerable judgment in estimating bad debts and assessing inventory obsolescence. These types of judgments are subjective and may result in misstatements to either account. Accounts payable and accrued expenses also have a higher risk of material misstatement due to their nature and the volume of transactions. Of particular concern with liability accounts is the issue of “completeness.”

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    Assurance - 10 INSTRUCTIONAL NOTES IDENTIFICATION OF AUDIT TESTS FOR THE EXPENDITURE CYCLE (ACQUISITIONS AND CASH DISBURSEMENTS): The Winery at Chateau Americana INSTRUCTIONAL OBJECTIVES  Recognize common business documents used with purchases and cash disbursements  Recognize common control activities used to process purchases and cash disbursements  Identify control activities that reduce the likelihood of material misstatements and link the activities to management assertions  Design tests of controls for control activities related to purchases and cash disbursements  Design substantive tests of transactions to detect material misstatements for non-payroll accounts in the expenditure cycle  Design analytical tests to detect potential material misstatements for non-payroll accounts in the expenditure cycle  Design substantive tests of balances to detect material misstatements for accounts payable  Link tests of controls and substantive tests to management assertions related to purchases, cash payments, and accounts payable  Identify significant deficiencies and material weaknesses for non-payroll expenditure cycle accounts KEY FACTS  The audit manager, Mikel Frucella, reviewed CA’s contro l environment, risk assessment policies, and monitoring system and assessed them as strong.  The audit staff, Julia Granger, reviewed CA's policies and procedures related to purchases and cash disbursements and prepared the flowcharts on audit schedules E-110, E111, and E-112.  Processes not documented in the flowcharts are as follows:  Purchase returns and allowances are recorded in the purchases journal,  Purchase discounts are recorded in the cash disbursements journal,  Other expenditure cycle adjustments are recorded in the general journal and require preparation of a pre-numbered adjustment memo.  Documents and records used to record purchase transactions include a purchase requisition, purchase order, receiving report, vendor invoice, standardized chart of accounts, purchases journal, vendor ledgers file, and general ledger.  Documents and records used with respect to cash disbursement transactions include a voucher cover, signed check, bank statement, standardized chart of accounts, cash disbursements journal, vendor ledgers file, and general ledger.

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    CAST: Identification of Audit Tests Solution Assurance - 11  Receiving reports are only generated for production and PP&E purchases.  Purchase orders are not generated for recurring services, such as utilities. SUGGESTED SOLUTION Complete steps 5 through 8 in the Expenditure Cycle Planning Audit Program (audit schedule E-100) and document your work on audit schedules E-100, E-120, E-121, E-130, E-140, E-141, E-150, E-151, E-160, E-161, E-170, and E-171. Julia Granger has already completed steps 1 through 4 and has documented the results of her work on audit schedules E-100, E-110, E-111, and E-112. Assume that the client performs the control activities identified in the flowcharts. A solution to the assignment is provided using schedules similar to the schedules provided to students on the pages that follow. Again, due to the subjective nature of some of the judgments alternative solutions could be considered equally acceptable. Note that the solution lists potential audit tests that could be performed. It is very unlikely that an auditor would decide to perform all these audit tests. Additionally, the solution does not indicate whether the audit test should be performed on the entire population or a sample of the population.

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    Ingraham & Jenkins Assurance - 12 The Winery at Chateau Americana Ref erence: E - 100 Expenditure Cycle Planning Audit Plan Prepared by: JG (initial) Date: (date) 11/12/XX For the Year Ended December 31, 20XX Reviewed by: Audit Procedures Initial Date A/S Ref. 1. Obtain and study a copy of the client's policies an d procedures manuals related to purchases and cash disbursements. JG 11/12/XX N/A 2. Discuss with and observe client personnel performing control activities related to purchases and cash disbursements. JG 11/12/XX N/A 3. Perform a walk - through of the cli ent's policies and procedures related to purchases and cash disbursements. JG 11/12/XX N/A 4. Obtain or prepare a flowchart for purchases and cash disbursements showing control activities, document flows, and records. JG 11/12/XX E - 110 E - 111 E - 112 5. Doc ument client control activities that reduce the likelihood of material misstatements for management assertions related to purchases and cash disbursements. (initial) (date) E - 120 E - 121 6. Document potential internal control deficiencies. (initial) (date) E - 130 7. Use the planning audit test matrices to list potential tests of controls related to purchases and cash disbursements. (initial) (date) E - 140 E - 141 8. Use the planning audit test matrices to identify potential a. Substantive tests of transaction s, (initial) (date) E - 150 E - 151 b. Analytical tests, and (initial) (date) E - 160 E - 161 c. Tests of balances related to non - payroll expenditure cycle accounts. (initial) (date) E - 170 E - 171

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    CAST: Identification of Audit Tests Solution Assurance - 13 The Winery at Chateau Americana Reference: E - 120 Expenditu re Cycle – Purchases Control Activities Prepared by: (initial) Matrix Date: (date) For the Year Ended December 31, 20XX Reviewed by: Control Activities Existence Rights and Obligations Valuation Presentation and Disclosure Completeness 1) Purchasing supervisor reviews and signs all purchase orders. X X 2) Receiving department counts and inspects production and PP&E items and compares to purchase order. X X X 3) Receiving department prepares a pre - numbered receiving report for production and P P&E purchases. X 4) Vendor invoices are recomputed and matched to receiving report and purchase order. X X 5) Vendor invoices for non - production and non - PP&E items are routed to department purchasing item for acceptance and approval. X X 6) Pu rchases journal, vendor ledgers, inventory file, and G/L are automatically updated when vendor invoice is input by accounting. X 7) Accounting supervisor reviews purchases journal for proper account classification of purchases. X X X Identify the management assertion(s) affected by each control activity with an "X."

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    Ingraham & Jenkins Assurance - 14 The Winery at Chateau Americana Reference: E - 121 Expenditure Cycle – Cash Disbursements Control Prepared by: (initial) Activities Matrix Date: (dat e) For the Year Ended December 31, 20XX Reviewed by: Control Activities Existence Rights and Obligations Valuation Presentation and Disclosure Completeness 1) Cash disbursements journal, vendor ledgers, and G/L are automatically updated when accountin g prints checks. X 2) Accounting supervisor reviews voucher packages for reasonableness and proper account classification and initials voucher cover. X X X X 3) CFO reviews voucher packages for reasonableness, signs checks, and stamps documents incl uded in voucher package “Paid.” X X X 4) Cash checking account is reconciled monthly by the executive secretary and reviewed by CEO. X X X Identify the management assertion(s) affected by each control activity with an "X."

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