Identify the specific audit objective (1 through 16) that each of the specific audit procedures (a. through l.) satifies in the audit of sales, accounts receivable and cash receipts for fiscal year ended December 31, 2019.

We will assess three transactions at a time.

Identify the specific audit objective (1 through 16) that each of the specific audit procedures a. through c. satifies in the audit of sales, accounts receivable and cash receipts for fiscal year ended December 31, 2019. (If an input field is not used in the table, leave the input field empty; do not select an audit objective.)

Requirement Identify the specific audit objective (1 through 16) that each of the specific audit procedures (a. through I.) satifies in the audit of sales, accounts receivable and cash receipts for fiscal year ended December 31, 2019. We will assess three transactions at a time. Identify the specific audit objective (1 through 16) that each of the specific audit procedures a. through c. satifies in the audit of sales, accounts receivable and cash receipts for fiscal year ended December 31, 2019. (If an input field is not used in the table, leave the input field empty; do not select an audit objective.) Balance-related audit Transaction-related audit Audit procedure objectives objectives Examine a sample of electronic sales invoices to determine Balance-related audit Transaction-related audit whether each order has been shipped, as evidenced by a objectives objectives a. shipping document number. Add all customer balances in the accounts receivable trial b. balance and agree the amount to the general ledger. 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 1. Existence 10. Occurrence receivable subledger. 2. Completeness 11. Completeness 3. Accuracy 12. Accuracy Balance-related audit Transaction-related audit 4. Cutoff 13. Classification Audit procedure objectives objectives 5. Detail tie-in 14. Timing Inquire of the client whether any accounts receivable balances 6. Realizable value 15. Posting and summarization have been pledged as collateral on long-term debt and determine whether all required information is included in the 7. Classification 16. Presentation d. footnote description for long-term debt. 8. Rights and obligations For a sample of shipping documents selected from shipping 9. Presentation records, trace each shipping document to a transaction e. 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.Balance-related audit Transactionrelated audit Audit procedure objectives objectives Examine sales invoices for the last ve sales transactions recorded in the sales journal in 2019 and examine shipping 9. documents to determine they:r are recorded in the correct period. I:I 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 h. balance due. l:l Determine whether risks related to accounts receivable are i. clearlyr and adequater disclosed. I I I Balance-related audit Transaction-related audit Audit procedure objectives objectives Use audit software to total sales in the sales journal for the i- month of Jun: and trace postings to the general ledger. |:| :l Send letters to a sample of accounts receivable customers to verify whether they have an outstanding balance at December k. 31. 2019. I:l:l Determine whether long-term receivables and related party |. receivables are reported separatelyI in the nancial statements. I:I I:I