6. Real zable value 15. Posting and summarization 16. Presentation 7. Classification 8. Rights and obligations 9. Presentation Required Identify the specific audit objective (1 through 16) that each of the following specific audit procedures (a through 1.) satisfies in the audit of sales, accounts receivable, and cash receipts for fiscal year ended December 31, 2019 2. Examine a sample of electronic sales invoices to determine whether each order has been shipped, as evidenced by a shipping document number. b. Add all customer balances in the accounts receivable trial balance and agree the amount to the general ledger c. For a sample of sales transactions selected from the sales journal, verify that the amount of the transaction has been recorded in the correct customer account in the accounts receivable subledger. d. Inquire of the dient whether any accounts receivable balances have been pledged as collateral on long-term debt and determine whether all required information is included in the footnote description for long-term debt. e. For a sample of shipping documents selected from shipping records, trace each shipping document to a transaction recorded in the sales journal Discuss with credit department personnel the likelihood of collection of all accounts as of December 31, 2019, with a balance greater than $100,000 and greater than 90 days old as of year end. Examine sales invoices for the last five sales transactions recorded in the sales journal in 2019 and examine shipping documents to determine they are recorded in the correct period h. For a sample of customer accounts receivable balances at December 31, 2019, examine subsequent cash receipts in January 2020 to determine whether the customer paid the balance due i. Determine whether risks related to accounts receivable are clearly and adequately disclosed. J. Use audit software to total sales in the sales journal for the month of July and trace posting to the general ledger k. Send letters to a sample of accounts receivable customers to verify whether they 6. Real zable value 15. Posting and summarization 16. Presentation 7. Classification 8. Rights and obligations 9. Presentation Required Identify the specific audit objective (1 through 16) that each of the following specific audit procedures (a through 1.) satisfies in the audit of sales, accounts receivable, and cash receipts for fiscal year ended December 31, 2019 2. Examine a sample of electronic sales invoices to determine whether each order has been shipped, as evidenced by a shipping document number. b. Add all customer balances in the accounts receivable trial balance and agree the amount to the general ledger c. For a sample of sales transactions selected from the sales journal, verify that the amount of the transaction has been recorded in the correct customer account in the accounts receivable subledger. d. Inquire of the dient whether any accounts receivable balances have been pledged as collateral on long-term debt and determine whether all required information is included in the footnote description for long-term debt. e. For a sample of shipping documents selected from shipping records, trace each shipping document to a transaction recorded in the sales journal Discuss with credit department personnel the likelihood of collection of all accounts as of December 31, 2019, with a balance greater than $100,000 and greater than 90 days old as of year end. Examine sales invoices for the last five sales transactions recorded in the sales journal in 2019 and examine shipping documents to determine they are recorded in the correct period h. For a sample of customer accounts receivable balances at December 31, 2019, examine subsequent cash receipts in January 2020 to determine whether the customer paid the balance due i. Determine whether risks related to accounts receivable are clearly and adequately disclosed. J. Use audit software to total sales in the sales journal for the month of July and trace posting to the general ledger k. Send letters to a sample of accounts receivable customers to verify whether they
