Spencer CPA has been engaged to audit the financial statements of Specific Stores a continuing audit client which is a chain of medium-sized retail stores. Specifics fiscal year will end on June 30 2015 and Specifics management has asked Spencer to issue the auditors report by August 1 2015. Spencer will not have sufficient time to perform all of the necessary fieldwork as of an interim date April 30 2015. After the accounts are tested at the interim date Spencer will also perform substantive procedures covering transactions of the final two months of the year. This will be necessary to extend Spencers conclusions to the balance sheet date. Describe factors Spencer should consider before applying substantive procedures to Specifics balance sheet accounts at April 30 2015. For accounts tested at April 30 2015 describe how Spencer should design the substantive procedures covering the balances as of the June 30 2015 and the transactions of the final two months of the year. Use bullet points; five points will be deducted if bullet points are not used. Also dont include the question with your reply.
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