Page 66 - Demo

جميع الحقوق محفوظة ـ اإلعتداء عىل حق املؤلف 66 بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونية2) 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 sales1) 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 andcorrectly billed 4) Posting and Summarization: sales transactions are recorded in accounts receivable master file 5) Classification – transactions and events have been recorded in theproper 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