Question
5.34 Revenue assertions 3 LO1, 2, 3 The audit program for the revenue account of a client has been drafted. The following item appears: Item
5.34 Revenue assertions 3 LO1, 2, 3
The audit program for the revenue account of a client has been drafted. The following item appears:
Item Assertion Detailed audit procedure 3 Accuracy Select a sample of sales from the sales journal and agree the sale price to the authorised price list. Required
(a) Does the procedure address the stated assertion? Explain.
(b) If your answer to (a) is no, provide the correct assertion or suggest additional work.
(c) Explain what type of evidence is obtained by performing the stated procedure. How persuasive is it?
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
