No results ! > options Find on page essment of the risk of material misstatement is low. The auditors have determined that each of the following objectives will be a part of the audit of ssc Corporation,. While several procedures will ordinarily address an audit objective, directy related to the audit objective. Each procedure may be used select the procedure most once. more than once, or not at all Audit Procedures 1. Compare the recorded receivable total with recorded payables Obtain an understanding of the business purpose of transactions that resulted in accounts receivable 2. balance 3 Review drafts of financial statements. Disclosure 4. Review board of director minutes for approval of each customer's credit limits 5. Review the aged trial balance for significant past due accounts 6 Trace a sample of purchase invoices from the purchases journal to postings to accounts receivable and sales accounts 7. Trace a sample of sales invoices from late in December to the sales journal and to postings in accounts 8. Vouch year end accounts receivable balances to supporting documents. Existence. Rights receivable and sales accounts Audit Objectives a All receivables that should be recorded are recorded as of year-end b Recorded receivables are at appropriate net realizable values d. The client has rights to recorded year-end receivables e. The presentation and disclosure of receivables are adequate O Type here to search