Auditing 1 AccountingJames Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery services, a company specializing in delivering products of all types on behalf of smaller companies. National’s collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000.Burrow is concerned about the collectibility of the outstanding loan and whether the trucks still exist. He therefore engages Santha Altman, CPA, to count the trucks, using registration information held by Burrow. She was engaged because she spends most of her time auditing used automobile and truck dealersips and has extensive specialized knowledge about used trucks. Burrow request that Altman issue a report starting the following.1. Which of the 25 trucks is parked in Regiional’s parking lot on the night of June 30, 2013.2. Whether all of the trucks are owned by Regional Delivery Service.3. The condition of each truck, using the guidelines of poor, good, and excellent.4. The Fair market value of each truck, using the current black book for trucks, which states the approximate wholesale prices of all used truck models, and also using the poor, good, and excellent condition guidelines.a. For each of the following parts of the definition of auditing, state which part of the proceeding narrative fits the definition(1) Information(2)Established Criteria(3) Accumulating and evaluating evidence(4) Competent, independent person(5) Reporting results

Auditing 1 AccountingJames Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery services, a company specializing in delivering products of all types on behalf of smaller companies. National’s collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000.Burrow is concerned about the collectibility of the outstanding loan and whether the trucks still exist. He therefore engages Santha Altman, CPA, to count the trucks, using registration information held by Burrow. She was engaged because she spends most of her time auditing used automobile and truck dealersips and has extensive specialized knowledge about used trucks. Burrow request that Altman issue a report starting the following.1. Which of the 25 trucks is parked in Regiional’s parking lot on the night of June 30, 2013.2. Whether all of the trucks are owned by Regional Delivery Service.3. The condition of each truck, using the guidelines of poor, good, and excellent.4. The Fair market value of each truck, using the current black book for trucks, which states the approximate wholesale prices of all used truck models, and also using the poor, good, and excellent condition guidelines.a. For each of the following parts of the definition of auditing, state which part of the proceeding narrative fits the definition(1) Information(2)Established Criteria(3) Accumulating and evaluating evidence(4) Competent, independent person(5) Reporting results

Auditing 1 AccountingJames Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery services, a company specializing in delivering products of all types on behalf of smaller companies. National’s collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000.Burrow is concerned about the collectibility of the outstanding loan and whether the trucks still exist. He therefore engages Santha Altman, CPA, to count the trucks, using registration information held by Burrow. She was engaged because she spends most of her time auditing used automobile and truck dealersips and has extensive specialized knowledge about used trucks. Burrow request that Altman issue a report starting the following1. Which of the 25 trucks is parked in Regiional’s parking lot on the night of June 30, 2013.2. Whether all of the trucks are owned by Regional Delivery Service.3. The condition of each truck, using the guidelines of poor, good, and excellent.4. The Fair market value of each truck, using the current black book for trucks, which states the approximate wholesale prices of all used truck models, and also using the poor, good, and excellent condition guidelines.a. For each of the following parts of the definition of auditing, state which part of the proceeding narrative fits the definition(1) Information(2)Established Criteria(3) Accumulating and evaluating evidence(4) Competent, independent person(5) Reporting results