The auditor has provided a preliminary assessment of control risk of low in the revenue cycle accounts of Acco, Inc. for each of the relevant assertions. The auditor selected a sample of sales transactions for control testing. Each of the following types of control or transaction-processing deficiencies uncovered in the sample was significant enough to cause the auditor to increase control risk assessment from low to moderate. For each deficiency, label as (a) through (i), discuss the type of financial statement misstatement that may result, the assertion(s) affected, and the effect on the nature, timing, and/or extent of related substantive tests. Consider each deficiency independently from the other.

Type of Failure	Possible Misstatement	Assertion	Effect on Substantive Tests
No evidence that price and quantity on the invoice were compared with the supporting documents
Failure to approve customer credit before shipping the merchandise on open account
Recording sales before they were shipped
Recording sales several days after they should have been recorded
Recording sales several days before and several days after they should have been recorded
Lack of customer orders; items were shipped
Lack of shipping documents; customer order was found
Incorrect invoice price
Quantity shipped differed from quantity billed