List the auditing procedures that you would employ

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Reference no: EM131046963

Tests of Balances. Your client is the Nicholas van Myra Central, a shopping center with 30 store tenants. All leases with the store tenants provide for a fixed rent plus a percentage of sales, net of sales taxes, in excess of a fixed dollar amount computed on an annual basis. Each lease also provides that the landlord may engage a Registeraccountant or Accountant-Administratieconsulent to audit all records of the tenant for assurance that sales are being properly reported to the landlord. You have been requested by your client to audit the records of the JaiLai Chinese Ind. Restaurant to determine that the sales, totaling ∈725,000 for the year ended December 31, 20X4, have been properly reported to the landlord. The restaurant and the shopping center entered into a five-year lease on January 1, 20X4. The JaiLai offers only table service. No liquor is served. During meal times there are four or five waitresses in attendance, who prepare handwritten prenumbered restaurant checks for the customers. Payment is made at a cash register, staffed by the proprietor, as the customer leaves. All sales are for cash. The proprietor also is the bookkeeper. Complete files are kept of restaurant checks and cash register tapes. A daily sales book and general ledger are also maintained.

Required:

List the auditing procedures that you would employ to test the annual sales of the JaiLai Chinese Ind. Restaurant. (Disregard vending machine sales and counter sales of chewing gum and candy, and concentrate on the overall checks that would be appropriate.)

Reference no: EM131046963

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