Select the necessary words from the list of possibilities to complete the following statements. cost or market balance sheet planning confirmed test counts pricing purchase orders receiving document existence obsolescence 1. To help ensure that the physical inventory is taken accurately and completely, early in the audit the auditors should participate in the ___________________ of the count of physical inventory. 2. The auditors observe the inventory taking primarily to obtain evidence of the ________________________ assertion and to a certain extent the client's rights to the inventories. 3. The details of the auditors’ ____________________ made during the observation of the physical inventory should be recorded in their working papers to later check the accuracy of the final inventory listing. 4. Inventories stored in public warehouses should be __________________ with the custodians. 5. The auditors' review of purchase invoices is generally performed in connection with tests of the ____________________ of the inventories. 6. As a general rule, inventories are carried at the lower of ________________________. 7. Tracing ____________________ for several days before and after year-end to recorded purchases is designed to test the proper cutoff of purchase transactions. 8. A decreasing rate of inventory turnover suggests the possibility of inventory _______________________. 9. Even though the auditors are unable to obtain evidence regarding the fairness of beginning inventories, they may still issue an unmodified opinion on the client's ______________________________ . 10. Serially numbered ___________________________ should be prepared and sent to vendors when goods are ordered For questions 11-25, circle the best answer. 11. A client erroneously recorded a large purchase twice. Which of the following internal control measures would be most likely to detect this error in a timely and efficient manner? a. Footing the purchases journal. b. Reconciling vendors’ monthly statements with subsidiary payable ledger accounts. c. Tracing totals from the purchases journal to the ledger accounts. d. Sending written quarterly confirmation to all vendors. 12. For effective internal control, the accounts payable department should compare the information on each vendor’s invoice with the: a. Receiving report and the purchase order. b. Receiving report and the voucher. c. Vendor’s packing slip and the purchase order. d. Vendor’s packing slip and the voucher. 13. In an audit, the valuation of year-end accounts payable is most likely addressed by: a. Confirmation. b. Examination of cash disbursements immediately prior to year-end. c. Examination of cash disbursements immediately subsequent to year-end. d. Analytical procedures applied to vouchers payable at year-end. 14. Ordinarily, the most significant assertion relating to accounts payable is: a. Completeness. b. Existence. c. Presentation. d. Valuation. 15. To determine that.

1. Select the necessary words from the list of possibilities to
complete the following statements.
cost or market balance sheet planning
confirmed
test counts pricing purchase orders
receiving document
existence obsolescence
1. To help ensure that the physical inventory is taken accurately
and completely, early in the audit the auditors should
participate in the ___________________ of the count of
physical inventory.
2. The auditors observe the inventory taking primarily to obtain
evidence of the ________________________ assertion and to a
certain extent the client's rights to the inventories.
3. The details of the auditors’ ____________________ made
during the observation of the physical inventory should be
recorded in their working papers to later check the accuracy of
the final inventory listing.
4. Inventories stored in public warehouses should be
__________________ with the custodians.
5. The auditors' review of purchase invoices is generally

2. performed in connection with tests of the
____________________ of the inventories.
6. As a general rule, inventories are carried at the lower of
________________________.
7. Tracing ____________________ for several days before and
after year-end to recorded purchases is designed to test the
proper cutoff of purchase transactions.
8. A decreasing rate of inventory turnover suggests the
possibility of inventory _______________________.
9. Even though the auditors are unable to obtain evidence
regarding the fairness of beginning inventories, they may still
issue an unmodified opinion on the client's
______________________________ .
10. Serially numbered ___________________________ should
be prepared and sent to vendors when goods are ordered
For questions 11-25, circle the best answer.
11. A client erroneously recorded a large purchase twice. Which
of the following internal control measures would be most likely
to detect this error in a timely and efficient manner?
a. Footing the purchases journal.
b. Reconciling vendors’ monthly statements with subsidiary
payable ledger accounts.
c. Tracing totals from the purchases journal to the ledger
accounts.
d. Sending written quarterly confirmation to all vendors.
12. For effective internal control, the accounts payable

3. department should compare the information on each vendor’s
invoice with the:
a. Receiving report and the purchase order.
b. Receiving report and the voucher.
c. Vendor’s packing slip and the purchase order.
d. Vendor’s packing slip and the voucher.
13. In an audit, the valuation of year-end accounts payable is
most likely addressed by:
a. Confirmation.
b. Examination of cash disbursements immediately prior to
year-end.
c. Examination of cash disbursements immediately subsequent
to year-end.
d. Analytical procedures applied to vouchers payable at year-
end.
14. Ordinarily, the most significant assertion relating to
accounts payable is:
a. Completeness.
b. Existence.
c. Presentation.
d. Valuation.
15. To determine that each voucher is submitted and paid only
once, when a payment is approved, supporting documents
should be canceled by the:
a. Authorized members of the audit committee.
b. Accounting department.

4. c. Individual who signs the checks.
d. Chief executive officer.
16. In performing a test of controls, the auditors vouch a sample
of entries in the purchases journal to the supporting documents.
Which assertion would this test of controls most likely test?
a. Completeness.
b. Existence.
c. Valuation.
d. Rights.
17. Which of the following is the best way for the auditors to
determine that every name on a company’s payroll is that of a
bona fide employee presently on the job?
a. Examine human resources records for accuracy and
completeness.
b. Examine employees’ names listed on payroll tax returns for
agreement with payroll accounting records.
c. Make a surprise observation of the company’s regular
distribution of paychecks on a test basis.
d. Visit the working areas and verify that employees exist by
examining their badge or identification numbers.
18. The search for unrecorded liabilities for a public company
includes procedures usually performed through the:

5. a. Day the audit report is issued.
b. End of the client’s year.
c. Date of the auditors’ report.
d. Date the report is filed with the SEC.
19. A possible loss, stemming from past events that will be
resolved as to existence and amounts, is referred to as a(n):
a. Analytical process.
b. Loss contingency.
c. Probable loss.
d. Unasserted claim.
20. Which of the following procedures is most likely to be
included near completion of an audit?
a. Obtaining an understanding of internal control.
b. Confirmation of receivables.
c. Observation of inventory.
d. Performing analytical procedures.
21. A material departure from generally accepted accounting
principles will result in auditor consideration of:
a. Whether to issue an adverse opinion rather than a disclaimer
of opinion.
b. Whether to issue a disclaimer of opinion rather than a
qualified opinion.
c. Whether to issue an adverse opinion rather than a qualified
opinion.
d. Nothing, because none of these opinions is applicable to this
type of exception.

6. 22. The auditors’ report should be dated as of the date the:
a. Report is delivered to the client.
b. Auditors have accumulated sufficient appropriate evidence.
c. Fiscal period under audit ends.
d. Peer review of the working papers is completed.
23. An audit report for a public client indicates that the audit
was performed in accordance with:
a. Generally accepted auditing standards (United States).
b. Standards of the Public Company Accounting Oversight
Board (United States).
c. Generally accepted accounting principles (United States).
d. Generally accepted accounting principles (Public Company
Accounting Oversight Board).
24. An audit report for a public client indicates that the
financial statements were prepared in conformity with:
a. Generally accepted auditing standards (United States).
b. Standards of the Public Company Accounting Oversight
Board (United States).
c. Generally accepted accounting principles (United States).
d. Generally accepted accounting principles (Public Company
Accounting Oversight Board).
25. Which of the following is least likely to result in inclusion
of an additional paragraph being added to an audit report?
a. The company is a component of a larger business enterprise.
b. An unusually important significant event.

7. c. A decision not to confirm accounts receivable.
d. A risk or uncertainty.
Self-Reflection Log
During your coaching and mentoring experience, you are
required to complete a self-reflection log of your experiences
and obstacles. This log will be a helpful component to
evaluating and modifying the overall coaching/mentoring
experience. Please respond to each response with a minimum of
100 words per each question.
Topic 5:
1. How can coaching activities benefit the culture in your work
environment? Is it beneficial to develop activities individually
or as a group activity? How can you leverage on an individual's
knowledge, strength, and skills to create a positive outcome for
the individual and work environment?
2. Describe the follow-up schedule you will use with your
mentee. Does it support the activities listed in the Individual
Development Plan? Does it require modifications or
adjustments? Explain.
3. Are there ethical considerations (e.g., culture, religion,
personal beliefs, etc.) that must be considered when preparing
activities for an Individual Development Plan? Discuss potential
considerations and how to ensure you have developed an
experience that meets the needs of your particular mentee.
Topic 6:

8. 1. Discuss possible strategies to hold your mentees accountable
for the activities and to reach both short-term and long-term
goals. How can these strategies support the growth process?
2. Reflect on the evaluation and observation process of the
mentoring experience. Discuss the importance of evaluating
your mentees prior to setting goals. What advantages and
disadvantages come with the evaluation and observation
process?
Topic 7:
1. As a mentor, how do you feel about the progress your mentee
made toward the achievement of the goals?
2. How does your mentee feel about the progress made toward
the achievement of the goals?
Topic 8:
1. In a brief reflection (250-500 words), discuss the feedback
you received on your Mentor Evaluation. Reflect on the
development of your Individual Development Plan, its success,
and the results for your mentee. Was this process rewarding?
What were your strengths and weaknesses as a mentor? If you
had it to do over again, what specific elements would you
change? If you would not change anything, explain why?
Individual Development Plan Outline

9. Mentee's Name:
Brianna Brant
Mentor Value Proposition:
Mentees need help to realize their true potential by developing a
balance between spiritual and material life. In this paper, I will
deliberate numerous points for my mentees that can help guide
their path into the right direction to help better their balance.
By the end, my mentees will have a better understanding on how
I will address their needs and help them get to their goals.
Mentee's Vision:
The mentee would like to be able to divide their time for their
studies, work, friends & family, hobbies, leisure time and time
for their own self without any other commitments.
Needs Assessment Results:
My mentee needs to get a good understanding on what all makes
her happy.
She needs to focus on what she would like to do for herself.
Get a good understanding on the different cultures around her.
What she would like to do on her spare time.
Get a better understanding about college bound as this can help
here for her future career.
The mentee would also need to get a feel of what to do once she
had completed her college degree.
Short-Term Goals (0-6 months):
· She wants to be able to buy an online course for digital
marketing. By her doing this, it can help her become more
skilled than her peers.
· To enroll in a music learning class. This will help her build a
better connection with art.
· Go on a trip with people from different cultural backgrounds.
This can have a better understanding of the different ethnicities
out there and how to not judge a book by its cover.
· She would like to read at least two books per month. By her
doing this can help her ease her mind and continue to stay
focused at her goals ahead.

10. Long-Term Goals (6 months-2 years):
· Be able to enroll in an E-commerce course. Not only will she
be able to get some time off from work for this course, she will
be in tune with finishing working on her degree.
· She will be in a situation during her last year where she will
start an entrepreneurship project. This project will help her
become successful once she graduates from school.
· To be able to complete graduation. It will take time and
dedication for this goal to happen, but she will need to stay
focus on the end prize.
· She will enroll in community service with a socially
marginalized community. She will be the prime face for the
program within the community.
Activities to Meet Short-Term Goals:
1. Find a suitable option for courses which could help increase
the skills set of the mentee and choose the most relevant
2. Find new hobbies for mentee which should be relevant to art
and literature
3. Create a diverse and inclusive approach towards other
cultures through interaction and involvement in their cultural
events
4. Increase knowledge of the mentee and find books that the
mentee finds interesting.
Activities to Meet Long-Term Goals:
1. Find suitable courses which have a scope and potential for
future professional opportunities
2. Become a self-explorer through exploring one’s abilities and
based on it start a small but independent entrepreneurship
project
3. Get a college degree
4. Give back to the community through participating in
community service.
Mentoring Techniques (to support the predetermined activities):
· Outline goals in detail. Even a mentoring relationship that
focuses more on personal growth should teem with specific
goals, such as finishing a reading assignment and writing a

11. reaction paper by a certain date (Wroblewski, 2018).
· Model good behavior. “Good” is a word that denotes value,
and it's up to the mentor to define what it means (Being honest?
Empathetic? Kind?) Good mentors do more than espouse good
behavior; they embrace it. Approach issues with a positive
attitude (Wroblewski, 2018).
· Expect periodic conflict. Like any personal relationship,
mentoring invariably rustles up the occasional disagreement.
Even arguments provide an opportunity for learning, as long as
they're not allowed to fester (Wroblewski, 2018).
· Set confidence as an omnipresent goal. The mentoree doesn't
need to know this early on in the relationship; it's sometimes
more fun to let them in on the secret later on, after they have
conquered a few challenges they once deemed “impossible”
(Wroblewski, 2018).
Coaching Techniques (to support the predetermined activities):
· Devise clear goals that include benchmarks and deadlines. The
mentee should always know what is expected of her and how
she should achieve it (Wroblewski, 2018).
· Be prepared to help with time management. Many mentees
want to learn new tasks but are often befuddled about how to
structure their time to master them (Wroblewski, 2018).
· Frame feedback in a forthright and positive manner. Expect
the mentee to encounter setbacks but be ready to supply new
strategies to help her persevere (Wroblewski, 2018).
· Follow up on feedback. It's called accountability, and the best
coaches devise a system (formal or informal in nature) that
constantly tracks the contributions of both parties (Wroblewski,
2018).
· Celebrate accomplishments. On balance, they may be small.
But every accomplishment represents a step forward. And each
one is worth celebrating to build an mentee’s self-confidence
(Wroblewski, 2018).
· Listen more; speak less. Active listening is a learned skill, and
good coaches can elevate it to an art form with practice. While

12. feedback is important, it really should be secondary to securing
someone's confidence by assuring them that they are being
heard (Wroblewski, 2018).
Obstacles or Concerns:
· Loss of interest from the mentee during the mentorship
process. She could be losing focus at all tasks at hand which
remaining focus can be a big issue.
· The mentee could be contemplating about changing her mind
about she wants to achieve in life. Young students often change
their mind about their dreams especially if they have too many
opportunities.
· All these activities can overwhelm the mentee, or it can
exhaust her to achieve everything in her life. For catering with
these obstacles, it is the responsibility of the mentor to keep the
mentee motivated and deal with the concerns of the mentee with
care and consideration.
Observations/Results (determined after implementation):
· Ms. Brant seems to be staying focused and seems to be
confident at completing her goals.
· She has understood how important it is to complete her goals;
not only for herself but for her family.
· She was not only able to make time for school, but also time
for herself as she would need to do so for her spiritually.
Modifications or Future Suggestions (determined after
implementation):
· Reduce the quantity of mentees that I mentor. This can help
me stay more focus on each mentee that I mentor to help them
become more successful for their future goals.
· Be given more time to prep before, during and after sitting
down with my mentee. This can help me get a clearer picture of
my mentee and better assist them in my mentor phase.

13. References
Wroblewski, M.T. (2018). Strategies and Techniques for
Mentoring and Coaching. Retrieved from
https://smallbusiness.chron.com/strategies-techniques-
mentoring-coaching-23317.html