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3. Design Substantive Tests of Transactions for Sales:
after performing the control tests for each objective, the auditor design and
perform the substantive tests of acquisition and payments transactions to determine
whether any monetary misstatements for that objective exist in the transaction.
1- Occurrence: do recorded acquisitions occurred.
➢ Auditor uses Vouching (Moving Backward) to detect 3 types of possible
potential misstatements (Overstatements)
o Purchases included in the journals for which no shipment was received
(recorded not shipped)
o Purchases recorded more than once (Duplication).
o Payments to nonexistent vendors (fictious customers)
➢ In General, for testing the occurrence of Acquisitions transaction, the auditor
should trace the recorded Purchase in purchase journal to vendors invoice and
purchase order. Also tracing values in A/P ledger to the documents related to
these vendors (i.e Tracing backward)
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جميع الحقوق محفوظة ـ الإعتداء على حق المؤلف بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونية
