Rasch is the partner-in-charge of the audit of Bonner Distributing Corporation, a wholesal
Rasch is the partner-in-charge of the audit of Bonner Distributing Corporation,
a wholesaler that owns one warehouse containing 80 percent of its inventory. Rasch is
reviewing the working papers that were prepared to support the firm’s opinion on
Bonner’s financial statements, and Rasch wants to be certain that essential audit tests are
a.What evidence should Rasch find in the working papers to support the fact that the
audit was adequately planned and the assistants were properly supervised?
b. What substantive tests should Rasch expect to find in the working papers to document
management’s assertion about completeness as it relates to the inventory quantities at
the end of the year?