Discuss with the sales manager whether any sales allowances have been granted after the balance sheet date that may apply to the current period.

The following are audit procedures in the sales and collection cycle: 1. Foot the aged trial balance using audit software and compare the total with the general ledger. 2. Match sales invoices with subsequent cash receipts using audit software. 3. Examine a sample of customer orders and see whether each has a credit authorization. 4. […]

Compare the quantity and description of items on shipping documents with the related sales invoices.

The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle: 1. Review the prelisting of cash receipts to determine whether cash is prelisted daily. 2. Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a […]

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