(A) The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle, acquisition and payment cycle, and inventory and warehousing cycle:

1. Account for a sequence of shipping documents and examine each one to make sure that a duplicate sales invoice is attached.

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

3.Trace a sample of voucher packages to the acquisitions journal throughout the year to determine that the transaction is included in the acquisitions journal.

4. Determine if the transaction was recorded in the correct month, based on when the goods were received and the terms of the transaction.

Required:

a. Identify for each test the related cycle.

b. Identify whether each audit procedure is a test of control or a substantive test of transactions.

c. State which of the six transaction-related audit objectives each of the audit procedures fulfills.