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Below are five audit procedures, all of which are tests of transactions associated with the audit...

Below are five audit procedures, all of which are tests of transactions associated with the audit of the sales and collection cycle. Also below are the seven general transaction-related audit objectives . For each audit procedure, indicate its audit objective. Please fill in all five answers in the text box. Number each answer! Objectives: A. Occurrence B. Completeness C. Accuracy D. Posting and Summarization E. Classification F. Timing G. Presentation __________1. Trace a sample of recorded sales from the sales journal to the shipping documents. __________2. Compare quantity of goods shipped and prices charged on sample of shipping documents to related invoices to make sure the amount shipped agrees with amounts billed. __________3. Trace a sample of shipping documents to sales invoices to verify they were recorded. __________4. Trace from a sample of prelistings of cash receipts to the cash receipts journal, testing for names, amounts, and dates.

__________5. Add the sales journal for the month and trace the amount to the general ledger.

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Answer #1
AUDIT OBJECTIVE AUDIT PROCEDURE
1.OCCURANCE Trace a sample of recorded sales from the sales journal to the shipping documents
2. ACCURACY Compare quantity of goods shipped and prices charged on sample of shipping documents to related invoices to make sure the amount shipped agrees with amounts billed
3. COMPLETENESS Trace a sample of shipping documents to sales invoices to verify they were recorded
4.COMPLETENESS AND ACCURACY Trace from a sample of prelistings of cash receipts to the cash receipts journal, testing for names, amounts, and dates.
5. POSTING AND SUMMARISATION Add the sales journal for the month and trace the amount to the general ledger.
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