Question
Your audit team is performing audit procedures related to a client's revenue for the month of April 2019. The visualization titled Gap Detection - All
Your audit team is performing audit procedures related to a client's revenue for the month of April 2019. The visualization titled "Gap Detection - All Invoices" presents the client's master sequence of invoices with "null" indicating a missing invoice. The visualization titled "Gap Detection - Missing Invoices" presents the same data, but only the invoices that are missing ("null"). Beginning invoice number on April 1st, 2019 is #2816, and ending invoice number, April 26th, 2019 is #7845.
Q1 What are the arguments in favor of this being a significant deficiency? Material Weakness? Not a problem?
2Why do auditors care about prenumbering and gap detection?
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Accounting
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
9th edition
1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227
