1. The audit firm is in the process of completing fieldwork for Stove Pipe Corporation, a company engaged in the...
1. The audit firm is in the process of completing fieldwork for Stove Pipe Corporation, a company engaged in the manufacturing and sale of kerosene space heating stoves. To date there has been every indication that the financial statements of the client present fairly the position of the company at December 31 and the results of its operations for the year then ended. Stove Pipe had total assets at December 31 of $4 million and a net profit for the year of $285,000. The principal records of the company are a general ledger, cash receipts record, voucher register, sales register, check register, and general journal. Financial statements are prepared monthly. The firms fieldwork will be completed on February 20 and the firm plans to deliver the report to the client on March 12.
a. Describe the purpose AND period to be covered in a review of subsequent events.
b. Outline several procedures the engagement team would follow to determine what if any material amounts occurred since the balance sheet date.
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