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Financial report prepared on an accrual basis

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You are engaged in your first audit of Pesky Pest Control Pty Ltd for the year ended 30 June 2012. The company began doing business in July of the previous year and provides pest control services for industrial enterprises. Additional information is as follows: The office staff consists of a bookkeeper, a typist and the president, Mike Feld. In addition, the company employs 15 service representatives on an hourly basis who are assigned to individual territories to make both monthly and emergency visits to customers' premises. The service representatives submit weekly time reports, which include the customer's name and the time devoted to each customer. Time charges for emergency visits are shown separately from regular monthly visits on the reports.

1) Pesky Pet requires customers are required to sign annual contracts which are pre numbered and prepared in duplicate. The original is filed in numerical order by contract anniversary date and the copy is given to the customer. The contract entitles the customer to pest control services once each month. Emergency visits are billed separately.

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