Indicate the primary audit objective for the following audit procedure: Determine whether sales orders are approved by system only for valid customer numbers in customer master file. Occurrence Completeness - transactions O Accuracy - transactions Classification transactions Timing O Posting and summarization Existence Completeness balances Accuracy balances Classification - balances Cutoff Detail tie-in Realizable value Rights and obligations

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please choose the best answer. Thanks!

 

Indicate the primary audit objective for the following audit procedure:
Determine whether sales orders are approved by system only for valid customer numbers in customer
master file.
Occurrence
Completeness - transactions
Accuracy - transactions
Classification - transactions
Timing
Posting and summarization
Existence
Completeness - balances
Accuracy - balances
Classification - balances
Cutoff
Detail tie-in
Realizable value
Rights and obligations
Transcribed Image Text:Indicate the primary audit objective for the following audit procedure: Determine whether sales orders are approved by system only for valid customer numbers in customer master file. Occurrence Completeness - transactions Accuracy - transactions Classification - transactions Timing Posting and summarization Existence Completeness - balances Accuracy - balances Classification - balances Cutoff Detail tie-in Realizable value Rights and obligations
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Strengths and Weaknesses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education