审计学一种整合方法第16版 英文习题答案 1438页.docx
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审计学一种整合方法第16版 英文习题答案 1438页.docx
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审计学一种整合方法第16版英文习题答案1438页
Chapter14
AuditoftheSalesandCollectionCycle:
TestsofControlsandSubstantiveTestsofTransactions
ConceptChecks
P.452
1.a.Thecustomerorderisarequestfromthecustomerindicatingthequantityandthedescriptionofthemerchandiseordered.
b.Asalesinvoiceisadocumentindicatingthedescriptionandquantityofgoodssold,thepriceincludingfreight,insurance,terms,andotherrelevantdata.Itisthemethodofindicatingtothecustomertheamountowedforthesaleandtheduedateofthepayments.Theoriginalissenttothecustomerandoneormorecopiesareretained.Thesalesinvoiceisthedocumentforrecordingsalesintheaccountingrecords.
c.Aprelistingofcashreceiptsisalistpreparedwhencashisreceivedbysomeonewhohasnoresponsibilityforrecordingsales,accountsreceivable,orcashandwhohasnoaccesstoaccountingrecords.Itisusedtoverifywhethercashreceivedwasrecordedanddepositedatthecorrectamountsandonatimelybasis.
d.Themonthlystatementtocustomersisthedocumentpreparedmonthlyandsenttoeachcustomerindicatingthebeginningbalanceofthatcustomer’saccountsreceivable,theamountanddateofeachsale,cashpaymentsreceived,creditmemosissued,andtheendingbalancedue.Itis,inessence,acopyofthecustomer’sportionoftheaccountsreceivablemasterfile.
2.Ashippingdocumentispreparedatthetimeofshipmentindicatingthequantityanddescriptionofgoodsordered.Itisusedtogenerateaninvoicetothecustomer.Assuringthatallshipmentsarerecordedandbilledisimportanttoaddressingthecompletenessassertion,aswellastheaccuracyofthequantitiesbilled.
P.463
1.Thefollowingarethethreemainauthorizationsinthesalescycle:
1.Creditisauthorizedbeforeasaletakesplace.
Creditapprovaliscriticaltoensurethatgoodsareonlyshippedtocustomerswhohavetheabilitytopayforthegoods.
ConceptCheck,P.463(continued)
2.Goodsareshippedonlyafterproperauthorization.
Thisauthorizationistoverifythatgoodsareonlyshippedtovalidcustomerswhohavetheabilitytopay.
3.Prices,includingpaymentterms,freight,anddiscounts,areproperlyauthorized.
Pricesareauthorizedtoensurethatcustomersarechargedtheappropriatepriceconsistentwithcompanypolicy.
2.Thefollowingarethetransaction-relatedauditobjectivesforsalesandexamplesofinternalcontrolsthatcanreducethelikelihoodofmisstatements.
TRANSACTION-RELATED
AUDITOBJECTIVE
KEYINTERNALCONTROLS
1.Recordedsalesareforshipmentsactuallymade
toexistingcustomers(occurrence).
Recordingofsalesissupportedbyauthorizedshippingdocumentsandapprovedcustomerorders.
Creditisauthorizedbeforeshipmenttakesplace.
Salesinvoicesareprenumberedandproperlyaccountedfor.
Onlycustomernumbersexistinginthecomputerdatafilesareacceptedwhentheyareentered.
Monthlystatementsaresenttocustomers;complaintsreceiveindependentfollow-up.
2.Existingsales
transactionsarerecorded(completeness).
Shippingdocumentsareprenumberedandaccountedfor.
Salesinvoicesareprenumberedandaccountedfor.
3.Recordedsalesarefortheamountofgoodsshippedandarecorrectlybilledandrecorded(accuracy).
Determinationofprices,terms,freight,anddiscountsisproperlyauthorized.
Internalverificationofinvoicepreparation.
Approvedunitsellingpricesareenteredintothecomputerandusedforsales.
Batchtotalsarecomparedwithcomputersummaryreports.
ConceptChecks,P.463(continued)
TRANSACTION-RELATED
AUDITOBJECTIVE
KEYINTERNALCONTROLS
4.Salestransactionsareproperlyincludedintheaccountsreceivablemasterfileandarecorrectlysummarized(postingandsummarization).
Regularmonthlystatementssenttocustomers.
Internalverificationofaccountsreceivablemasterfilecontents.
Comparisonofaccountsreceivablemasterfileortrialbalancewithgeneralledgerbalance.
5.Salestransactionsareproperlyclassified(classification).
Useofadequatechartofaccounts.
Internalreviewandverificationoftheaccountclassifications.
6.Salesarerecordedonthecorrectdates(timing).
Proceduresrequiringbillingandrecordingofsalesonadailybasisasclosetothetimeofoccurrenceaspossible.
Internalverificationoftimelyrecordingoftransactions.
P.469
1.Auditorsaregenerallymoreconcernedwiththecompletenessofcashreceiptsascashisatargetfortheftordefalcation.Theoccurrenceofcashcanbereadilyverifiedusingbankstatementsandotherevidence.
2.Thetheftofcashreceiptsfromcustomerpaymentsonaccountiseasilyidentifiedbysendingcustomersmonthlystatements,unlessthetheftiscoveredbysomeothermeans.Onewaytohidethetheftofcashreceiptsistowrite-offthecustomer’sreceivable.
ReviewQuestions
14-1a.Thebillofladingisadocumentpreparedatthetimeofshipmentofgoodstoacustomerindicatingthedescriptionofthemerchandise,thequantityshipped,andotherdata.Formally,itisawrittencontractoftheshipmentandreceiptofgoodsbetweenthesellerandcarrier.Itisalsousedasasignaltobilltheclient.Theoriginalissenttothecustomerandoneormorecopiesareretained.
b.Thecreditmemoisadocumentindicatingareductionintheamountduefromacustomerbecauseofreturnedgoodsoranallowancegranted.Itoftentakesthesamegeneralformasasalesinvoice,butitreducesthecustomer’saccountsreceivablebalanceratherthanincreasingit.
14-1(continued)
c.Aremittanceadviceisadocumentmailedtothecustomerandtypicallyreturnedtothesellerwiththecustomer’spayment.Itindicatesthecustomername,thesalesinvoicenumber,andtheamountoftheinvoice.Aremittanceadviceisusedasarecordofthepaymentreceivedtopermittheimmediatedepositofchecksreceivedandtoimprovecontroloverthecustodyofassets.
d.Theaccountsreceivabletrialbalanceisareportfromtheaccountsreceivablemasterfilethatshowstheamountreceivablefromeachcustomeratapointintime.Anagedtrialbalanceincludesthetotalbalanceoutstandingandthenumberofdaysthereceivablehasbeenoutstanding,groupedbycategoryofdays(suchaslessthan30days,31to60days,andsoon).
14-2Propercreditapprovalforsaleshelpsminimizetheamountofbaddebtsandthecollectioneffortforaccountsreceivablebyrequiringthateachsalebeevaluatedforcollectionpotential.
Adequatecontrolsinthecreditfunctionenabletheauditortoplacemorerelianceontheclient’sestimateofuncollectibleaccounts.Withoutthesecontrols,theauditorwouldhavetomakehisorherowncreditchecksonthecustomersinordertobeconvincedthattheallowanceforuncollectibleaccountsisreasonable.
14-3Thesalesjournalcontainstherecordofeachsalestransactionthatincludesthecustomername,date,amount,andtheaccountclassificationforeachtransaction.Thesalesjournalgenerallyrepresentstherecordofeachindividualtransaction.Typically,thesalesjournalaccumulatestransactionsforaperiodoftime,whichisoftenmonthly.Transactionsrecordedinthesalesjournalarethenpostedtothegeneralledger,andifthetransactionisforsalesonaccount,theaccountsreceivablemasterfileisupdatedforeachtransaction.
Theaccountsreceivablemasterfileisusedtorecordindividualsales,cashreceipts,andsalesreturnsandallowancesforeachcustomerandtomaintaincustomeraccountbalances.Themasterfileisupdatedusingdatafromthesalesjournal,salesreturnjournal,andcashreceiptsjournal.Thetotalintheaccountsreceivablemasterfileequalsthetotalintheaccountsreceivablegeneralledgeraccount.
14-4BestScouldintegrateitsonlineorderingsystemwithitsinventorysystemsothatabookshipmentismadeonlyafterthecustomer’screditcardcompanyapprovesthecustomer’spurchase.Becausecreditcardissuersoftentransferfundselectronicallyalmostimmediatelyafterasale,BestScouldalsosetuptheirsystemtoshipbooksonlyafterpaymenthasbeenreceivedbythecreditcardissuer.Finally,BestScouldarrangewithanonlinecreditservicebureautoruncreditchecksoncustomerspurchasingoverapresetminimumamount.AlthoughBestSsellsitsgoodsthroughtheInternet,thecompanyshouldstillrecordsalesrevenuewhenthebooksareshippedtocustomers.
14-5
Testsofcontrols:
1.Onasampleofsalesinvoices,examineproperauthorizationandindicationofinternalverificationofsalesamounts.
2.Examineapprovedcomputerfilethatreflectsthemasterfilecontentscontainingunitsellingprices.
3.Examinefileofbatchcontroltotalsforinitialsofdatacontrolclerkwhoreconciledthosetotals;comparetotalstosummaryreports.
Substantivetestsoftransactions:
1.Recomputeinformationonsalesinvoices.
2.Traceentriesinsalesjournaltorelatedsalesinvoices.
3.Tracedetailonsalesinvoicestoshippingdocuments,approvedpricelists,andcustomers’orders.
14-6Themostimportantdutiesthatshouldbesegregatedinthesalesandcollectioncycleare:
1.Receivingandapprovingordersforcreditsales
2.Shippinggoods
3.Billingcustomersandrecordingsales
4.Maintaininginventoryrecords
5.Maintaininggeneralaccountingrecords
6.Maintainingdetailedaccountsreceivablerecords
7.Processingcashreceipts
8.Grantingcreditandpursuingunpaidaccounts
Segregationofdutiesshouldbeusedextensivelyinthesalesandcollectioncyclefortworeasons.First,cashreceiptsaresubjecttoeasymanipulation.Second,thelargenumberandnatureoftransactionswithinthecyclemaketheprocedureo
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