Refer to the Auditing in Practice feature Performing Appropriate Substantive Procedures in the Revenue Cycle: The Case

Question:

Refer to the Auditing in Practice feature "Performing Appropriate Substantive Procedures in the Revenue Cycle: The Case of Kyoto Audit Corporation." What substantive procedures did Kyoto not perform appropriately? If such procedures are not performed appropriately, will the client's be misstated? Explain your answer.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...