The following (1 through 18) are the balance-related, transactionrelated, and presentation and disclosure-related audit objectives.Balance-Related Transaction-Related Presentation and DisAudit Objectives Audit Objectives closure Audit Objectives1. Existence 9. Occurrence 15. Occurrence and2. Completeness 10. Completeness rights3. Accuracy 11. Accuracy 16. Completeness4. Classification 12. Classification 17. Accuracy and5. Cutoff 13. Timing valuation6. Detail tie-in 14. Posting and 18. Classification and7. Realizable value summarization understandability8. Rights and obligationsIdentify the specific audit objective (1 through 18) that each of the following specific auditprocedures (a. through l.) satisfies in the audit of sales, accounts receivable, and cashreceipts for fiscal year ended December 31, 2013.a. Examine a sample of duplicate sales invoices to determine whether each one has ashipping document attached.b. Add all customer balances in the accounts receivable trial balance and agree theamount to the general ledger.c. For a sample of sales transactions selected from the sales journal, verify that theamount of the transaction has been recorded in the correct customer account in theaccounts receivable subledger.
The following (1 through 18) are the balance-related, transactionrelated, and presentation and disclosure-related audit objectives.
Balance-Related Transaction-Related Presentation and DisAudit Objectives Audit Objectives closure Audit Objectives
1. Existence 9. Occurrence 15. Occurrence and
2. Completeness 10. Completeness rights
3. Accuracy 11. Accuracy 16. Completeness
4. Classification 12. Classification 17. Accuracy and
5. Cutoff 13. Timing valuation
6. Detail tie-in 14. Posting and 18. Classification and
7. Realizable value summarization understandability
8. Rights and obligations
Identify the specific audit objective (1 through 18) that each of the following specific audit
procedures (a. through l.) satisfies in the audit of sales,
receipts for fiscal year ended December 31, 2013.
a. Examine a sample of duplicate sales invoices to determine whether each one has a
shipping document attached.
b. Add all customer balances in the accounts receivable
amount to the general ledger.
c. For a sample of sales transactions selected from the sales journal, verify that the
amount of the transaction has been recorded in the correct customer account in the
accounts receivable subledger.
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