Match each example audit procedure with its correct general audit objective related to accounts receivable. Select a sample of sales invoices in the subsequent period, and examine the related shipping documents for date of shipment to ascertain whether some of those shipments at the end of the period were inadvertently not recorded Provide a list of related parties to all members of the audit team to assist in identification of the transacations Existence of assets Rights to assets Review confirmations of liabilities to determine if receivables have been sold Completeness of assets Compare the amount of credits given to customers in the subsequent period to the amount estimated by management Cutoff of transactions Confirm a sample of receivables by direct communication with the debtors Valuation of assets Vouch sales and cash receipt transactions occurring near period end Financial statement presentation and disclosure of

Match each example audit procedure with its correct general audit objective related to accounts receivable. Select a sample of sales invoices in the subsequent period, and examine the related shipping documents for date of shipment to ascertain whether some of those shipments at the end of the period were inadvertently not recorded Provide a list of related parties to all members of the audit team to assist in identification of the transacations Existence of assets Rights to assets Review confirmations of liabilities to determine if receivables have been sold Completeness of assets Compare the amount of credits given to customers in the subsequent period to the amount estimated by management Cutoff of transactions Confirm a sample of receivables by direct communication with the debtors Valuation of assets Vouch sales and cash receipt transactions occurring near period end Financial statement presentation and disclosure of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Match each example audit procedure with its correct general audit objective related to accounts receivable.
Select a sample of sales
invoices in the
subsequent period, and
examine the related
shipping documents for
date of shipment to
ascertain whether some
of those shipments at
the end of the period
were inadvertently not
recorded
Provide a list of
related parties to all
members of the
audit team to assist
in identification of
the transacations
Existence of assets
Rights to assets
Review
confirmations of
liabilities to
determine if
receivables have
been sold
Completeness of
assets
Compare the
amount of credits
given to customers
in the subsequent
period to the
amount estimated
by management
Cutoff of
transactions
Confirm a sample
of receivables by
direct
communication
with the debtors
Valuation of assets
Vouch sales and
cash receipt
transactions
occurring near
period end
Financial statement
presentation and
disclosure of

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