Instructor’s Solutions Manual
#ft #ft
for Assurance Module
#ft #ft #ft
Comprehensive Assurance #ft
& Systems Tool: An
#ft #ft #ft #ft
Integrated Practice Set
#ft #ft #ft
Fourth Edition #ft
Laura R. Ingraham #ft #ft
J. Gregory Jenkins
#ft #ft
New #ftYork, #ftNY
SCHOLARVAULT
,This #ftwork #ftis #ftprotected #ftby #ftUnited #ftStates #ftcopyright #ftlaws #ftand #ftis
#ftprovided #ftsolely #ftfor #ftthe #ftuse #ftof #ftinstructors #ftin #ftteaching #fttheir #ftcourses
#ftand #ftassessing #ftstudent #ftlearning. #ftDissemination #ftor #ftsale #ftof #ftany #ftpart
#ftof #ftthis #ftwork #ft(including #fton #ftthe #ftWorld #ftWide #ftWeb) #ftwill #ftdestroy #ftthe
#ftintegrity #ftof #ftthe #ftwork #ftand #ftis #ftnot #ftpermitted. #ftThe #ftwork #ftand #ftmaterials
#ftfrom #ftit #ftshould #ftnever #ftbe #ftmade #ftavailable #ftto #ftstudents #ftexcept #ftby
#ftinstructors #ftusing #ftthe #ftaccompanying #fttext #ftin #fttheir #ftclasses. #ft All
#ftrecipients #ftof #ftthis #ftwork #ftare #ftexpected #ftto #ftabide #ftby #ftthese #ftrestrictions
#ftand #ftto #fthonor #ftthe #ftintended #ftpedagogical #ftpurposes #ftand #ftthe #ftneeds #ftof
#ftother #ftinstructors #ftwho #ftrely #fton #ftthese #ftmaterials.
Director #ftof #ftPortfolio #ftManagement: #ftAdrienne #ftD’Ambrosio
Senior #ftSponsoring #ftEditor: #ftNeeraj
#ftBhalla #ftEditorial #ftAssistant: #ftElisa
#ftMarks # f t Content #ftProducer:
#ftSugandh #ftJuneja
Copyright #ft© #ft2019, #ft2014, #ft2010 #ftby #ftPearson #ftEducation, #ftInc. #ftor #ftits #ftaffiliates. #ftAll #ftRights
#ftReserved. #ftManufactured #ftin #ftthe #ftUnited #ftStates #ftof #ftAmerica. #ftThis #ftpublication #ftis #ftprotected
#ftby #ftcopyright, #ftand #ftpermission #ftshould #ftbe #ftobtained #ftfrom #ftthe #ftpublisher #ftprior #ftto #ftany
#ftprohibited #ftreproduction, #ftstorage #ftin #fta #ftretrieval #ftsystem, #ftor #fttransmission #ftin #ftany #ftform #ftor
#ftby #ftany #ft means, #ftelectronic, #ftmechanical, #ftphotocopying, #ftrecording, #ftor #ftotherwise. #ftFor
#ftinformation #ftregarding #ftpermissions, #ftrequest #ftforms, #ftand #ftthe #ftappropriate #ftcontacts #ftwithin
#ftthe #ftPearson #ftEducation #ftGlobal #ftRights #ftand #ftPermissions #ftdepartment, #ftplease #ftvisit
#ftwww.pearsoned.com/permissions/.
PEARSON #ftand #ftALWAYS #ftLEARNING #ftare #ftexclusive #fttrademarks #ftowned #ftby #ftPearson
#ftEducation, #ftInc. #ftor #ftits #ftaffiliates #ftin #ftthe #ftU.S. #ftand/or #ftother #ftcountries.
Unless #ftotherwise #ftindicated #ftherein, #ftany #ftthird-party #fttrademarks, #ftlogos, #ftor #fticons #ftthat #ftmay
#ftappear #ftin #ftthis #ftwork #ftare #ftthe #ftproperty #ftof #fttheir #ftrespective #ftowners, #ftand #ftany #ftreferences
#ftto #ftthird-party #fttrademarks, #ftlogos, #fticons, #ftor #ftother #fttrade #ftdress #ftare #ftfor #ftdemonstrative #ftor
#ftdescriptive #ftpurposes #ftonly.
Such #ftreferences #ftare #ftnot #ftintended #ftto #ftimply #ftany #ftsponsorship, #ftendorsement, #ftauthorization, #ftor
promotion #ftof #ftPearson’s #ftproducts #ftby #ftthe #ftowners #ftof #ftsuch #ftmarks, #ftor #ftany #ftrelationship
#ftbetween #ftthe #ftowner #ftand #ftPearson #ftEducation, #ftInc., #ftor #ftits #ftaffiliates, #ftauthors, #ftlicensees, #ftor
#ftdistributors.
SCHOLARVAULT
, INSTRUCTIONAL NOTES
CLIENT ACCEPTANCE:
The Winery at Chateau Americana
INSTRUCTIONAL OBJECTIVES
Understand types of information used to evaluate a prospective audit client
Evaluate background information about an entity and key members of management
Brainstorm relevant financial and non-financial factors related to client acceptance
Perform and evaluate preliminary analytical procedures
Make and justify a client acceptance decision
Describe matters that should be included in an engagement letter
KEY FACTS
Chateau Americana (CA) is a family-owned winery that is currently considering whether to hire a
new public accounting firm.
Current year sales - $21,945,000; net income - $1,997,000; total assets - $42,029,000.
CA operates a 125-acre vineyard which yields one-fourth of the winery’s production needs. CA is a
modest winery with annual production of 385,000 cases of wine.
The wine industry is a fragmented industry with more than 8,000 wineries in the United States.
Most key management positions are held by members of the Summerfield family. The exception to
this rule is Rob Breeden, the CFO.
The winery implemented a new accounting information system some fourteen months ago. There has
been some employee turnover as a result of the new system.
Discussions with the predecessor auditor, William Lawson, revealed no significant disagreements
with management; however, Mr. Lawson indicated that Rob Breeden was “more aggressive” than the
winery’s former CFO.
Copyright #ft© #ft2019 #ftPearson #ftEducation,
#ftInc.
Assurance #ft- #ft1
SCHOLARVAULT
, Ingraham #ft& #ftJenkins
SUGGESTED SOLUTIONS #ft
The #ftfollowing #ftsolutions #ftrelate #ftto #ftsteps #ftfrom #ftthe #ftaudit #ftprogram #ftthat #ftstudents #ftwere #ftasked #ftto
#ftcomplete.
1. Brainstorm #ftabout #ftand #ftbriefly #ftdescribe #ftfinancial #ftand #ftnon-financial #ftfactors #ftthat #ftare
#ftrelevant #ftto #ftthe #ftdecision #ftto #ftaccept #ftthe #ftpotential #ftclient.
Student #ftresponses #ftto #ftthis #ftrequirement #ftwill #ftvary. #ftThe #ftfollowing #ftis #fta #ftpartial #ftlist #ftof #ftthe
#ftfactors #ftthat #ftare #ftlikely #ftto #ftbe #ftrelevant #ftto #ftthe #ftfirm’s #ftdecision.
Financial #ftFactors:
a. CA #fthas #ftstrong #ftand #ftupwardly #fttrending #ftsales #ftand #fthas #ftbeen #ftprofitable #ftfor #ftthe #ftlast #ftthree
#ftyears #ftand #ftbeyond #ftas #ftevidenced #ftby #ftthe #ftretained #ftearnings #ftbalance.
b. Although #ftCA’s #ftcurrent #ftratio #ftis #ftbelow #ftthe #ftindustry #ftaverage, #ftits #ftAR #ftand #ftInventory
#ftturnover #ftcompare #ftfavorably.
c. The #ftcompany’s #ftdebt #ftload #ftis #ftlower #ftthan #ftthe #ftindustry #ftaverage #ft(debt-to-equity #ftratio #ftfor
#ftthe #ftcompany #ftis # ft 0.52 #ft[calculation #ftshown #ftin #ftsolution #ftto #ftquestion #ft3 #ftbelow] # ft compared
#ftto #ftthe #ftindustry #ftaverage #ftof
0.99 #ftin #ftthe #ftmost #ftrecent #ftyear). #ftThe #ftcompany’s #ftstrong #ftsales #ftand #ftearnings #fthave #ftprovided
#ftsufficient #ftcash #ftto #ftcover #ftdebt #ftand #ftinterest #ftpayments #ftand #ftproduce #fta #ftTimes #ft Interest
#ftEarned #ftmeasure #ftabove #ftthe #ftindustry #ftaverage #ft(9.41 #ft[calculation #ftshown #ftin #ftsolution #ftto
#ftquestion #ft3 #ftbelow]compared #ftto #ft6.91 #ftin # f t the #ftmost #ftrecent #ftyear).
d. CA’s #ftbalance #ftsheet #ftappears #ftto #ftbe #ftstrong #ftwith #ftincreasing #ftcurrent #ftassets. #ftMuch #ftof #ftthe
#ftincrease #ftin # f t the #ftlast #ftyear #ftis #ftin #ftthe #ftcompany’s #ftInvestments #ftand #ftProduction
#ft Inventories #ftbalances. #ftIn #ftaddition, # f t the #ftcompany #fthas #ftinvested #ftmore #ftthan #ft$2,000,000
#ftin #ftproductive #ftassets #ftin #ftthe #ftlast #ftyear.
e. Accounts #ftpayable #fthave #ftincreased #ftby #ftmore #ftthan #ft35% #ftsince #ftthe #ftprior #ftyear #ftand #ftlong
#ftterm #ftdebt #fthas #ftincreased #ftslightly.
Non-financial #ftFactors:
a. The #ftcompany #ftis #ftconsidering #ftan #ftinitial #ftpublic #ftoffering #ftin #ftthe #ftnear #ftfuture.
b. The #ftwine #ftindustry #ftis #fta #fthighly #ftfragmented #ftindustry #ftthat #ftis #ftdominated #ftby #fta #ftsmall
#ftnumber #ftof #ftlarge #ftcompanies #ftsuch #ftas #ftErnest #ft& #ftJulio #ftGallo #ftand #ftConstellation #ftBrands.
c. Wine #ftdistribution #ftis #ftprimarily #ftachieved #ftthrough #ftsupermarket #ftchains #ftand #ftmass
#ft merchandisers. #ftOther #ftdistribution #ftoutlets #ftoffer #ftsubstantially #ftless #ftgrowth #ftopportunity.
d. The #ftwine #ftindustry #ftappears #ftto #fthave #fta #ftbright #ftfuture #ftand #ftthe #ftindustry, #ftas #fta #ftwhole, #fthas
#ftsignificant #ftgrowth #ftopportunities #ftin #ftthe #ftUS. #ftWine #ftconsumption #ftis #fthighest #ftamong
#ftadults #ft35-64 #ftyears #ftof #ftage, #ftthe #ftgeneration #ftthat #fttends #ftto #fthave #ftthe #ftgreatest #ftamount #ftof
#ftdisposable #ftincome.
e. Significant #ftconsolidation #fthas #fttaken #ftplace #ftin #ftthe #ftwine #ftindustry #ftand #ftthe #fttrend #ftis #ftlikely #ftto
#ftcontinue.
f. CA #fthas #ftentered #ftinto #ftexclusive #ftdistribution #ftagreements #ftwith #ftoutlets #ftin #ftseveral #ftlarge
#ft metropolitan #ftareas #ftand #ftis #ftseeking #ftsimilar #ftopportunities #ftin #ftother #ftareas.
g. The #ftSummerfield #ftfamily #ftowns #ftthe #ftwinery #ftand #ftmembers #ftof #ftthe #ftfamily #fthold #ftmost
#ft management #ftpositions.
h. Rob #ftBreeden #ftbecame #ftthe #ftwinery’s #ftCFO #ftjust #fttwo #ftyears #ftago #ftafter #ftthe #ftcompany’s #ftCFO
#ftof #ftmore # f t than #ft15 #ftyears #ftresigned. #ftThere #ftare #ftrumors #ftthat #ftthe #ftresignation #ftwas #ftin
#ftresponse #ftto #ftdisagreements #ftbetween #ftthe #ftCFO #ftand #ftthe #ftpresident, #ftEdward #ftSummerfield,
#ftregarding #ftthe #ftneed #ftfor #fta #ftnew #ftIS.
i. The #ftvice-president #ftof #ftwinery #ftoperations, #ftJacques #ftDupuis, #ftwas #ftaccused #ftof #fttheft #ftof #fttrade
Copyright #ft© #ft2019 #ftPearson #ftEducation,
#ftInc.
Assurance #ft- #ft2
SCHOLARVAULT
#ft #ft
for Assurance Module
#ft #ft #ft
Comprehensive Assurance #ft
& Systems Tool: An
#ft #ft #ft #ft
Integrated Practice Set
#ft #ft #ft
Fourth Edition #ft
Laura R. Ingraham #ft #ft
J. Gregory Jenkins
#ft #ft
New #ftYork, #ftNY
SCHOLARVAULT
,This #ftwork #ftis #ftprotected #ftby #ftUnited #ftStates #ftcopyright #ftlaws #ftand #ftis
#ftprovided #ftsolely #ftfor #ftthe #ftuse #ftof #ftinstructors #ftin #ftteaching #fttheir #ftcourses
#ftand #ftassessing #ftstudent #ftlearning. #ftDissemination #ftor #ftsale #ftof #ftany #ftpart
#ftof #ftthis #ftwork #ft(including #fton #ftthe #ftWorld #ftWide #ftWeb) #ftwill #ftdestroy #ftthe
#ftintegrity #ftof #ftthe #ftwork #ftand #ftis #ftnot #ftpermitted. #ftThe #ftwork #ftand #ftmaterials
#ftfrom #ftit #ftshould #ftnever #ftbe #ftmade #ftavailable #ftto #ftstudents #ftexcept #ftby
#ftinstructors #ftusing #ftthe #ftaccompanying #fttext #ftin #fttheir #ftclasses. #ft All
#ftrecipients #ftof #ftthis #ftwork #ftare #ftexpected #ftto #ftabide #ftby #ftthese #ftrestrictions
#ftand #ftto #fthonor #ftthe #ftintended #ftpedagogical #ftpurposes #ftand #ftthe #ftneeds #ftof
#ftother #ftinstructors #ftwho #ftrely #fton #ftthese #ftmaterials.
Director #ftof #ftPortfolio #ftManagement: #ftAdrienne #ftD’Ambrosio
Senior #ftSponsoring #ftEditor: #ftNeeraj
#ftBhalla #ftEditorial #ftAssistant: #ftElisa
#ftMarks # f t Content #ftProducer:
#ftSugandh #ftJuneja
Copyright #ft© #ft2019, #ft2014, #ft2010 #ftby #ftPearson #ftEducation, #ftInc. #ftor #ftits #ftaffiliates. #ftAll #ftRights
#ftReserved. #ftManufactured #ftin #ftthe #ftUnited #ftStates #ftof #ftAmerica. #ftThis #ftpublication #ftis #ftprotected
#ftby #ftcopyright, #ftand #ftpermission #ftshould #ftbe #ftobtained #ftfrom #ftthe #ftpublisher #ftprior #ftto #ftany
#ftprohibited #ftreproduction, #ftstorage #ftin #fta #ftretrieval #ftsystem, #ftor #fttransmission #ftin #ftany #ftform #ftor
#ftby #ftany #ft means, #ftelectronic, #ftmechanical, #ftphotocopying, #ftrecording, #ftor #ftotherwise. #ftFor
#ftinformation #ftregarding #ftpermissions, #ftrequest #ftforms, #ftand #ftthe #ftappropriate #ftcontacts #ftwithin
#ftthe #ftPearson #ftEducation #ftGlobal #ftRights #ftand #ftPermissions #ftdepartment, #ftplease #ftvisit
#ftwww.pearsoned.com/permissions/.
PEARSON #ftand #ftALWAYS #ftLEARNING #ftare #ftexclusive #fttrademarks #ftowned #ftby #ftPearson
#ftEducation, #ftInc. #ftor #ftits #ftaffiliates #ftin #ftthe #ftU.S. #ftand/or #ftother #ftcountries.
Unless #ftotherwise #ftindicated #ftherein, #ftany #ftthird-party #fttrademarks, #ftlogos, #ftor #fticons #ftthat #ftmay
#ftappear #ftin #ftthis #ftwork #ftare #ftthe #ftproperty #ftof #fttheir #ftrespective #ftowners, #ftand #ftany #ftreferences
#ftto #ftthird-party #fttrademarks, #ftlogos, #fticons, #ftor #ftother #fttrade #ftdress #ftare #ftfor #ftdemonstrative #ftor
#ftdescriptive #ftpurposes #ftonly.
Such #ftreferences #ftare #ftnot #ftintended #ftto #ftimply #ftany #ftsponsorship, #ftendorsement, #ftauthorization, #ftor
promotion #ftof #ftPearson’s #ftproducts #ftby #ftthe #ftowners #ftof #ftsuch #ftmarks, #ftor #ftany #ftrelationship
#ftbetween #ftthe #ftowner #ftand #ftPearson #ftEducation, #ftInc., #ftor #ftits #ftaffiliates, #ftauthors, #ftlicensees, #ftor
#ftdistributors.
SCHOLARVAULT
, INSTRUCTIONAL NOTES
CLIENT ACCEPTANCE:
The Winery at Chateau Americana
INSTRUCTIONAL OBJECTIVES
Understand types of information used to evaluate a prospective audit client
Evaluate background information about an entity and key members of management
Brainstorm relevant financial and non-financial factors related to client acceptance
Perform and evaluate preliminary analytical procedures
Make and justify a client acceptance decision
Describe matters that should be included in an engagement letter
KEY FACTS
Chateau Americana (CA) is a family-owned winery that is currently considering whether to hire a
new public accounting firm.
Current year sales - $21,945,000; net income - $1,997,000; total assets - $42,029,000.
CA operates a 125-acre vineyard which yields one-fourth of the winery’s production needs. CA is a
modest winery with annual production of 385,000 cases of wine.
The wine industry is a fragmented industry with more than 8,000 wineries in the United States.
Most key management positions are held by members of the Summerfield family. The exception to
this rule is Rob Breeden, the CFO.
The winery implemented a new accounting information system some fourteen months ago. There has
been some employee turnover as a result of the new system.
Discussions with the predecessor auditor, William Lawson, revealed no significant disagreements
with management; however, Mr. Lawson indicated that Rob Breeden was “more aggressive” than the
winery’s former CFO.
Copyright #ft© #ft2019 #ftPearson #ftEducation,
#ftInc.
Assurance #ft- #ft1
SCHOLARVAULT
, Ingraham #ft& #ftJenkins
SUGGESTED SOLUTIONS #ft
The #ftfollowing #ftsolutions #ftrelate #ftto #ftsteps #ftfrom #ftthe #ftaudit #ftprogram #ftthat #ftstudents #ftwere #ftasked #ftto
#ftcomplete.
1. Brainstorm #ftabout #ftand #ftbriefly #ftdescribe #ftfinancial #ftand #ftnon-financial #ftfactors #ftthat #ftare
#ftrelevant #ftto #ftthe #ftdecision #ftto #ftaccept #ftthe #ftpotential #ftclient.
Student #ftresponses #ftto #ftthis #ftrequirement #ftwill #ftvary. #ftThe #ftfollowing #ftis #fta #ftpartial #ftlist #ftof #ftthe
#ftfactors #ftthat #ftare #ftlikely #ftto #ftbe #ftrelevant #ftto #ftthe #ftfirm’s #ftdecision.
Financial #ftFactors:
a. CA #fthas #ftstrong #ftand #ftupwardly #fttrending #ftsales #ftand #fthas #ftbeen #ftprofitable #ftfor #ftthe #ftlast #ftthree
#ftyears #ftand #ftbeyond #ftas #ftevidenced #ftby #ftthe #ftretained #ftearnings #ftbalance.
b. Although #ftCA’s #ftcurrent #ftratio #ftis #ftbelow #ftthe #ftindustry #ftaverage, #ftits #ftAR #ftand #ftInventory
#ftturnover #ftcompare #ftfavorably.
c. The #ftcompany’s #ftdebt #ftload #ftis #ftlower #ftthan #ftthe #ftindustry #ftaverage #ft(debt-to-equity #ftratio #ftfor
#ftthe #ftcompany #ftis # ft 0.52 #ft[calculation #ftshown #ftin #ftsolution #ftto #ftquestion #ft3 #ftbelow] # ft compared
#ftto #ftthe #ftindustry #ftaverage #ftof
0.99 #ftin #ftthe #ftmost #ftrecent #ftyear). #ftThe #ftcompany’s #ftstrong #ftsales #ftand #ftearnings #fthave #ftprovided
#ftsufficient #ftcash #ftto #ftcover #ftdebt #ftand #ftinterest #ftpayments #ftand #ftproduce #fta #ftTimes #ft Interest
#ftEarned #ftmeasure #ftabove #ftthe #ftindustry #ftaverage #ft(9.41 #ft[calculation #ftshown #ftin #ftsolution #ftto
#ftquestion #ft3 #ftbelow]compared #ftto #ft6.91 #ftin # f t the #ftmost #ftrecent #ftyear).
d. CA’s #ftbalance #ftsheet #ftappears #ftto #ftbe #ftstrong #ftwith #ftincreasing #ftcurrent #ftassets. #ftMuch #ftof #ftthe
#ftincrease #ftin # f t the #ftlast #ftyear #ftis #ftin #ftthe #ftcompany’s #ftInvestments #ftand #ftProduction
#ft Inventories #ftbalances. #ftIn #ftaddition, # f t the #ftcompany #fthas #ftinvested #ftmore #ftthan #ft$2,000,000
#ftin #ftproductive #ftassets #ftin #ftthe #ftlast #ftyear.
e. Accounts #ftpayable #fthave #ftincreased #ftby #ftmore #ftthan #ft35% #ftsince #ftthe #ftprior #ftyear #ftand #ftlong
#ftterm #ftdebt #fthas #ftincreased #ftslightly.
Non-financial #ftFactors:
a. The #ftcompany #ftis #ftconsidering #ftan #ftinitial #ftpublic #ftoffering #ftin #ftthe #ftnear #ftfuture.
b. The #ftwine #ftindustry #ftis #fta #fthighly #ftfragmented #ftindustry #ftthat #ftis #ftdominated #ftby #fta #ftsmall
#ftnumber #ftof #ftlarge #ftcompanies #ftsuch #ftas #ftErnest #ft& #ftJulio #ftGallo #ftand #ftConstellation #ftBrands.
c. Wine #ftdistribution #ftis #ftprimarily #ftachieved #ftthrough #ftsupermarket #ftchains #ftand #ftmass
#ft merchandisers. #ftOther #ftdistribution #ftoutlets #ftoffer #ftsubstantially #ftless #ftgrowth #ftopportunity.
d. The #ftwine #ftindustry #ftappears #ftto #fthave #fta #ftbright #ftfuture #ftand #ftthe #ftindustry, #ftas #fta #ftwhole, #fthas
#ftsignificant #ftgrowth #ftopportunities #ftin #ftthe #ftUS. #ftWine #ftconsumption #ftis #fthighest #ftamong
#ftadults #ft35-64 #ftyears #ftof #ftage, #ftthe #ftgeneration #ftthat #fttends #ftto #fthave #ftthe #ftgreatest #ftamount #ftof
#ftdisposable #ftincome.
e. Significant #ftconsolidation #fthas #fttaken #ftplace #ftin #ftthe #ftwine #ftindustry #ftand #ftthe #fttrend #ftis #ftlikely #ftto
#ftcontinue.
f. CA #fthas #ftentered #ftinto #ftexclusive #ftdistribution #ftagreements #ftwith #ftoutlets #ftin #ftseveral #ftlarge
#ft metropolitan #ftareas #ftand #ftis #ftseeking #ftsimilar #ftopportunities #ftin #ftother #ftareas.
g. The #ftSummerfield #ftfamily #ftowns #ftthe #ftwinery #ftand #ftmembers #ftof #ftthe #ftfamily #fthold #ftmost
#ft management #ftpositions.
h. Rob #ftBreeden #ftbecame #ftthe #ftwinery’s #ftCFO #ftjust #fttwo #ftyears #ftago #ftafter #ftthe #ftcompany’s #ftCFO
#ftof #ftmore # f t than #ft15 #ftyears #ftresigned. #ftThere #ftare #ftrumors #ftthat #ftthe #ftresignation #ftwas #ftin
#ftresponse #ftto #ftdisagreements #ftbetween #ftthe #ftCFO #ftand #ftthe #ftpresident, #ftEdward #ftSummerfield,
#ftregarding #ftthe #ftneed #ftfor #fta #ftnew #ftIS.
i. The #ftvice-president #ftof #ftwinery #ftoperations, #ftJacques #ftDupuis, #ftwas #ftaccused #ftof #fttheft #ftof #fttrade
Copyright #ft© #ft2019 #ftPearson #ftEducation,
#ftInc.
Assurance #ft- #ft2
SCHOLARVAULT
