You are talking to a friend who works as a sales supervisor of a retail store that sells clothing at BLOSS, a national retailer. Your friend started talking about some of his common concerns he has to make sure that staff sell items at the correct price and ring up every item sold. He also is concerned that staff might override prices and take items home for themselves deeply discounted a form of theft. You then started talking about the difference between management and audit responsibilities, noting that the auditor checks for many of these same risks during the financial statement audit.

Required: The five general audit objectives about transactions or events are: occurrence, completeness, accuracy, cutoff and classification. State the specific transaction-related audit objective for sales and also explain how each of these specific objectives relates to (or could relate to) your friends concerns at BLOSS. (10 marks)

Use the following table for your response:

\begin{tabular}{|l|l|l|} \hline General audit objective about transactions or events & State the specific transactionrelated audit objective for sales & Explain how each of these specific objectives relates to (or could relate to) your friend's concerns at BLOSS \\ \hline Occurrence & & \\ \hline Completeness & & \\ \hline Accuracy & & \\ \hline Cutoff & & \\ \hline Classification & & \\ \hline \end{tabular}