Reference no: EM133198315
You have been engaged as a PA to examine the financial statements of Skyhigh Corporation for the year ended December 34. Skyhigh Corporation was founded in 1985. The corporation has 10 shareholders and serves as its own registrar and transter agent. There are no capital share subscription contracts in effect. The financial statements and records of Shyhigh Corporation have not been audited by a PA in prior years.
The shareholder's equity section of the balance sheet at December 31, follows:
Shareholder's equity:
Share capital - 10,000 no par value shares authorized:
15,000 shares and outstanding. $ 750,000
Contributed capital. . 300,000
Retained earnings. 610,000
Total shareholder's equity. $1,660,000
Required:
Prepare the detailed audit program (procedures) for the examination of the account 'Share capital' in the Shareholder's equity
section of the balance sheet.
Organize the audit program under broad financial statement assertions/ audit objectives.