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question you are the manager in an accounting firm in charge of verifying the curren 4278340

Question

You are the manager in an accounting firm, in charge of verifying the current assets section of the balance sheet for the annual audit of a large “Fortune 500” company. Your two assitants, Dabney and Alyseia, were to have meet at 9:00 am. On Thursday December 31, 2015, with Mr. Solemon, the company's treasurer and his secretary, Nicole, at the Bank of America building to verify the count of the safe deposit box of the company at the bank. At the last moment, Nicole sent an electronic message saying that her boss fell ill and had to be rushed to the hospital. Thus, the count at the bank did not take place that day. A second appointment was made for Dabney and Alyscia with Nicole and Mr. Williams, the assistant treasurer, for Tuesday, January 5, 2016. And on that date, you were informed that Nicole was sent to the safe deposit box by Mr. Williams on January 4, 2015 to retrieve a company document that was lent to the local chamber of commerce for a special exposition. According to the records provided you, the safe deposit box contains some liquid cash in large bills, some gold coins, certificates of deposits, highly negotiable treasury bills and U.S. savings bonds, all in the amount of $17,000,000, a material amount with regard to the company's total current assets. What issues are going through your mind and how do you plan to address them? Draft your instructions to Dabney and Alyscia for their examination on Jan. 5. What do you plan to do about the secretary's entry on January 4 in the box? Why?

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