Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help. Thanks 9. 1.10. 1.11. 112 113 114 115 116 17 The following (1 through 16) are the balance-related and transaction-related audit objectives.

image text in transcribed

image text in transcribed

image text in transcribed

I need help. Thanks

9. 1.10. 1.11. 112 113 114 115 116 17 The following (1 through 16) are the balance-related and transaction-related audit objectives. Balance Related Audit Objectives Transaction-Related Audit Objectives a. Existence 10. Occurrence b. Completeness 11. Completeness c. Accuracy 12. Accuracy d. Cutoff 13. Classification e. Detail tie-in 14. Timing f. Realizable value 15. Posting and summarization g. Classification 16. Presentation h. Rights and obligations 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 For JA Tire Manufacturing. a. 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 (ANYTHING NOT DUE UNTIL 2020) 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 sub ledger. d. Inquire of the client 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. f. 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. English (United States) D. Focus BALANCE- RELATED AUDIT OBJECTIVE TRANSACTION RELATED AUDIT OBJECTIVE AUDIT PROCEDURE b . d. f

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Managerial Accounting

Authors: James M. Reeve

1st Edition

0324640625, 978-0324640625

More Books

Students also viewed these Accounting questions