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Chapter 16 - Completing the Tests in the Sales and Collection Cycle: - page 4 / 5

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16-24(continued)

a.

BALANCE-RELATED AUDIT

OBJECTIVE

b.

PREVENTIVE INTERNAL CONTROL

c.

TESTS OF DETAILS OF BALANCES AUDIT PROCEDURES

9.Accounts receivable in the aged trial balance agree with related master file amounts, and the total is correctly added and agrees with the general ledger (detail tie-in).

The client should foot the trial balance and reconcile the total to the balance in the general ledger.

The auditor should foot the trial balance of accounts receivable and reconcile it to the balance per the general ledger.

16-25

a.

TYPE OF EVIDENCE

b.

TYPE OF TEST

c. and d.

OBJECTIVE(S)

1.Documentation

(1)Test of control

Completeness

2.Inquiry

(4)Test of details of balances

Cutoff

3.Reperformance

(4)Test of details of balances

Detail tie-in

4.Observation

(1)Test of control

Detail tie-in

5.Documentation

(2)Substantive test of transactions

Timeliness

6.Documentation

(1)Test of control

Existence

7.Documentation

(4)Test of details of balances

Cutoff

8.Analytical procedure

(3)Analytical procedure

N/A

9.Documentation

(1)Test of control

Existence

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