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You are auditing the revenue cycle for your client.During your examination,you find that the client has transferred several products to their own,off-site warehouse and recorded
You are auditing the revenue cycle for your client.During your examination,you find that the client has transferred several products to their own,off-site warehouse and recorded the revenue in the books and records,at an amount close to $1,000,000.You ask the CFO about the recording of the revenue and he says,"The products have left our facility and will be shipped to the customer.Here,I will show you the customer purchase orders",he says.Do you agree withthe Chief Financial Officer's(CFO) recording of the revenue?Explain your position.
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