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tion cycles: manager. with the general ledger to the general ledger that from previous years. 12-23 (OBJECTIVES 12-1, 12-2, 12-5) The following are audit procedures
tion cycles: manager. with the general ledger to the general ledger that from previous years. 12-23 (OBJECTIVES 12-1, 12-2, 12-5) The following are audit procedures from different transac- 1. Examine vendors' statements for accounts payable balance. 2. Examine a sample of customer orders for evidence of credit approval by credit 1. Use audit software to foot the accounts payable trial balance and compare the balance * Use audit software to foot and cross-foot the cash sales journal and trace the balance Compute the accounts receivable turnover for major customers and compare it with 6. Interview the warehouse manager to see if there is any consigned inventory in other 7. Verify the volume of inventories kept in the public warehouse. Eminc shipping documents before and after the balance sheet date to determine whether sales transactions were recorded in the relevant period, taking into consider 9. Test the reasonableness of the salaries expense, taking into account salary increments ation the shipping terms and shipment dates, and staff movement during the year. L. For each audit procedure, identify the transaction cycle being audited. Required Chapter 12 / OVERALL AUDIT STRATEGY AND AUDIT PROGRAM locations. b. For each audit procedure, identify the type of evidence. c. For each audit procedure, identify whether it is a test of control or a substantive test d. For each substantive audit procedure, identify whether it is a substantive test of actions, a test of details of balances, or a substantive analytical procedure. e. For each test of control or substantive test of transactions procedure, idemiys transaction-related audit objective or objectives being satisfied. [. For each substantive analytical procedure or test of details of balances identify the balance-related audit objective or objectives being satisfied. procedure
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