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Alvarez Solar Solutions (ASS) is a manufacturer of solar systems for homes and commercial businesses. The company has grown about 10% in each of the past five years. The company has not made any acquisitions. Following are some statistics for the company:
2011
2012
2013
2014
2015*
Sales
$800
$880
$950
$1,050
$1,300
Net income
$28
$38
$42
$52
$68
Economic growth in areas served (index 1.00 for 20 × 1)
1.00
1.04
1.09
1.13
1.14
Percent of solar market by ASS
8.9
9.4
9.6
10.8
14.0
Accounts receivable
$180
$170
$196
$210
$297
Percent of sales made in last quarter
38
36
40
43
Gross margin (%)
28.0
28.3
28.8
29.2
33.6
*Unaudited
Additional information available to the auditor includes the following:
Required
Answer the following questions relating to Alvarez Solar Solutions
a. Why testing that assertion is important
b. The substantive audit procedures that you would perform
7. Identify and explain at least 2 specific assertions that you would be concerned about testing regarding receivables. For each assertion identified, discuss in detail
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