The audit program for the revenue account for a client has been drafted. The following...
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Accounting
The audit program for the revenue account for a client has been drafted. The following item appears:
Item
Assertion
Detailed Audit Procedure
2
Cut-off
Select a sample of sales invoices recorded a few days prior to the year end and then agree dates on the invoices to the dates on the delivery documents signed by the customer.
Required
a. Does the procedure address the stated assertion? Explain. (3 marks)
b. If your answer to part a is no, provide the correct assertion or explain what work would be required to address the assertion. (3 marks)
c. Explain what type of evidence is obtained by performing the stated procedure. How persuasive is it?
Answer & Explanation
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