05 Jun Question Spencer CPA has been eng
Question
Spencer CPA has been engaged to audit the financial statements of Specific Stores, a continuing audit client, which is a chain of medium-sized retail stores. Specific’s fiscal year will end on June 30, 2015 and Specific’s management has asked Spencer to issue the auditor’s report by August 1, 2015. Spencer will not have sufficient time to perform all of the necessary fieldwork as of an iterim date, April 30, 2015.
After the accounts are tested at the interim date, Spencer will also perform substantive procedures covering transactions of the final two months of the year. This will be necessary to extend Spencer’s conclusions to the balance sheet date.
1 Describe factors Spencer should consider before applying substantive procedures to Specific’s balance sheet accounts at April 30, 2015.
2. For accounts tested at April 30, 2015, describe how Spencer should design the substantive procedures covering the balances as of the June 30, 2015 and the transactions of the final two months of the year.
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