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What do you think are the objectives of this system? Phrase them as audit objectives. a ) Customers receive the goods that they require at
What do you think are the objectives of this system? Phrase them as audit objectives.
a Customers receive the goods that they require at advertised prices and quality.
b Customers receive goods on credit only if they are likely to pay for them.
c Recorded sales are genuine, accurate and complete.
d Trade receivables' accounts are debited with sales on credit, which are genuine, accurate and complete.
e All cash received is recorded in full before banking.
f Inventory records reflect genuine outward movements in correct quantities.
g A full audit trail of transactions and impact on balances is maintained.
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