The audit program for the Revenue account for a client has been drafted. The following item appears:

Question:

DETAILED AUDIT PROCEDURE ITEM ASSERTION Select a sample of sales from the sales journal and ensure each sales invoice is

Required

(a) Does the procedure address the stated assertion? Explain.

(b) If your answer to (a) is no, provide the correct assertion or explain what work would be required to address the assertion.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach

ISBN: 978-1118849415

2nd Canadian edition

Authors: Fiona Campbell, Robyn Moroney, Jane Hamilton, Valerie Warren

See More Books

Question Posted: Apr 05, 2019 11:50 AM

See More Questions

If your answer to #1 above was yes, what do you think would happen to your taxes? What would happen to your private health insurance premiums? Would you come out ahead or not?
Julie is designing the audit program for cash for her client Onslow Services Ltd. (Onslow). Onslow is a property management services company. It deals with six major clients and several smaller...
Read all steps in the audit program for cash found on Work Paper 16-1 and familiarize yourself with work papers 16-1 through 16-7. Complete steps 2, 3, 5, 9, 10, and 12. Be sure to document your work...
Information sent electronically over the Internet affords little privacy. One of the reasons that cryptography is included in this text is because its importance is growing due to the increasing need...
Alger Inc. manufactures six models of leaf blowers and weed eaters. Alger's budgeting team is finalizing the sales budget for the coming year. Sales in units and dollars for last year follow: In...
Find either F(s) or f (t), as indicated. 1 L 2 + 2s + 5
5 Qu mtodos recomendara para evaluar el posible xito comercial de los nuevos productos siguientes?: a) una nueva salsa de tomate mejorada, b) un sistema de televisor tridimensional en cuyo desarrollo...
The current price of a stock is $15. In 6 months, the price will be either $18 or $13. The annual risk-free rate is 6%. Find the price of a call option on the stock that has a strike price of $14 and...
1 question with a lit of parts. please answer all More Info Adjustment data at December 31 follow: a. As of December 31, Harrington had $1,200 of Prepaid Insurance remaining. b. At the end of the...
A mechanism for pushing small boxes from an assembly line onto a conveyor belt, repeated from Prob. 5/89, is shown with arm OD and crank CB in their vertical positions. For the configuration shown,...
Yellow Aviation is an existing client of PPP Partners. The auditors are aware that the impact of the global financial crisis on airlines has been severe, with predictions of a prolonged downturn....
The audit program for the Revenue account for a client has been drafted. The following item appears: Required (a) Does the procedure address the stated assertion? Explain. (b) If your answer to (a)...
As mentioned in the chapter-opening vignette, Ben Carpenter had a long road to success in which many unforeseen events required action and coping skills to deal with the strain from change. But Ben...
Pacifico Company, a U.S.-based importer of beer and wine, purchased 1,500 cases of Oktoberfest-style beer from a German supplier for 390,000 euros. Relevant U.S. dollar exchange rates for the euro...
Palmerstown Company established a subsidiary in a foreign country on January 1, Year 1, by investing 8,000,000 pounds when the exchange rate was $1.00/pound. Palmerstown negotiated a bank loan of...
Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Chucktown Sauce...
Question 1 (50 marks) Costa Ltd is a company with a 30 June year end. The following information relates to Costa Ltd and its subsidiary Jumbo for the year ended 30 June 20.22. Costa Ltd Jumbo Ltd Dr...
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to...
For the following exercises, evaluate the following limits. Vx+7-3 lim x 2 x-x-2
In the figure, two loudspeakers, separated by a distance of d1 = 2.63 m, are in phase. Assume the amplitudes of the sound from the speakers are approximately the same at the position of a listener,...
When inspecting securities on hand, what things should the auditor observe?
Explain the financial reporting principle underlying the audit verification of the existence and completeness assertions with respect to entities consolidated into group financial statements.
Describe procedures to be undertaken where group entities are audited by other auditors.
You borrowed $15,000 for buying a new car from a bank at an interest rate of 12% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the...
Discuss how debt restructuring, settlement, or modification works. Discuss the journal entries for debtor and creditor
Could CNL be a viable business? If so, under what conditions and what level of production (and, since production is directly related to production workers, employees)? All information provided for...

The audit program for the Revenue account for a client has been drafted. The following item appears:

Question:

DETAILED AUDIT PROCEDURE ITEM ASSERTION Select a sample of sales from the sales journal and ensure each sales invoice is supported by an authorized delivery slip and approved customer order. Completeness

Step by Step Answer:

a The completeness assertion relates to the claim by management that revenue shown in the profit and ...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions