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Problem:

The following are generally performed tests of substantive and controls tests of transactions audit procedures in sales and collection cycle:

• Account for sequence of shipping documents and observe each one to ensure that a duplicate sales invoice is attached.

• Compare and contrast the quantity and description of items on the shipping documents with related duplicate sales invoices.

• Trace recorded sales in sales invoice to the related accounts receivable master file and compare the customer name, amount and date for each one.

• Analyze sales returns for approval by authorized official.

Required:

i) Recognize whether each procedure is test of control or a substantive test of transaction.

ii) Describe which transactions-related objectives each of above audit procedures fulfils.

iii) Recognize the type of audit evidence used for each procedure.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M99678

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