Reference no: EM13682754

1) In the doc-sharing folder called projects you will find an excel file with preliminary balance sheet and income statement numbers for RETAIL CORP.

2) You will use this file and other facts mentioned in the file to recreate a new balance sheet and income statement after you made adjustements for potential errors or misstatements.

3) You will then prepare a simple reconcilation of the preliminary net income to your revised  net income. A worksheet is a part of the file found in doc-sharing which illustrates how the reconciliation should look when finally submitted to the dropbox.

4) In at least three (3) of the potential error or misstatement areas you must give at least two (2) audit procedures you will use to insure yourself the numbers are wrong or correct as stated.

5) After identifying potential areas of error or misstatement you have to create a new balance sheet and income statement with your potential identified errors or misstatements.
( The excel file has the original balance sheet and income statement numbers with formulas so all you have to do is copy those files to another worksheet instead of redesigning formulas)

6) Your final submission must include your 1) restated financial statements, 2) your 6 audit  procedures (3 x 2), and 3) your reconciliation of book income versus the restated income.