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2) Assess planned controls risk of sales:
uses the information obtained in understanding internal control to assess
control risk. The auditor has to:
▪ Identify the 6 objectives of auditing sales transactions (Occurrence,
Completeness, Posting and summarizing, classification and timing)
Transactions related audit objectives for sales
1) Occurrence – recorded sales are for actual shipments not fictious customers
2) Completeness – all Existing sales transactions are recorded
3) Accuracy – Recorded sales transactions for amounts shipped and correctly
billed
4) Posting and Summarization: sales transactions are recorded in accounts
receivable master file
5) Classification – transactions and events have been recorded in the proper
accounts.
6) Timing: sales are recorded in the correct dates
▪ Identify the key internal controls and deficiencies for sales. (Will
differ for every audit as every client has different internal control
structure
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جميع الحقوق محفوظة ـ الإعتداء على حق المؤلف بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونية
