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For each control, identify the assertion for which the control is designed to prevent, or detect. and correct misstatements. a. Occurrence of sales. b. Rights

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For each control, identify the assertion for which the control is designed to prevent, or detect. and correct misstatements. a. Occurrence of sales. b. Rights and obligations for accounts receivable. c. Classification of cash receipts. d. Completeness of sales: e. Accuracy of sales. f. Cutoff of sales, g. Completeness of cash balances. h. Existence of accounts receivable. i. Completeness of cash receipts. j. Occurrence of cash receipts. Consider the following list of internal controls issociated with the revenue process. 1. Software compares the dates on every sales invoice with the date on the underlying bill of lading. 2. An independent process is set up to monitor monthly statements received from a factoring agent and monitor payments made by customers to the factoring agent. 3. Software starts with the bank remittance report, comparing each item on the bank remittance report with a corresponding entry in the cash receipts journal. 4. Software compares quantities and prices on the sales invoice with information on the packing slip and information on the sales order. 5. Software reviews every sales invoice to ensure that the invoice is supported by an underlying bill of lading. 6. Software compares customer numbers in the cash receipts journal with customer numbers on the bank remittance report. 7. Software develops a one for one match of every item in the cash receipts journal with every item in the bank remittance report. 8. A company sends monthly statements to customers and has an independent process for following up on complaints from customers. 9. The dient performis an independent bank reconciliation. 10. Software develops a one-for-one ratch, starting with shipping documents to ensure that each shipping document results in a sales itroike

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