审计学一种整合方法阿伦斯英文版第12版课后答案解析Chapter16SolutionsManual.docx
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审计学一种整合方法阿伦斯英文版第12版课后答案解析Chapter16SolutionsManual.docx
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审计学一种整合方法阿伦斯英文版第12版课后答案解析Chapter16SolutionsManual
Chapter16
CompletingtheTestsinthe
SalesandCollectionCycle:
AccountsReceivable
ReviewQuestions
16-1Testsofdetailsofbalancesaredesignedtodeterminethereasonablenessofthebalancesinsales,accountsreceivable,andotheraccountbalancesthatareaffectedbythesalesandcollectioncycle.Suchtestsincludeconfirmationofaccountsreceivable,andexaminingdocumentssupportingthebalanceintheseaccounts.
Testsofcontrolsandsubstantivetestsoftransactionsforthesalesandcollectioncycleareintendedtodeterminetheeffectivenessofinternalcontrolsandtotestthesubstanceofthetransactionsthatareproducedbythiscycle.Suchtestsconsistofactivitiessuchasexaminingsalesinvoicesinsupportofentriesinthesalesjournal,reconcilingcashreceipts,orreviewingtheapprovalofcredit.
Theresultsofthetestsofcontrolsandsubstantivetestsoftransactionsaffecttheprocedures,samplesize,timinganditemsselectedforthetestsofdetailsofbalances(i.e.,effectiveinternalcontrolswillresultinreducedtestingwhencomparedtothetestsofdetailsrequiredinthecaseofinadequateinternalcontrols).Theresultsoftestsofcontrolsalsoaffectthepubliccompanyauditor’sreportoninternalcontrolsoverfinancialreporting.
16-2SAS67(AU330.20)discussestheuseofnegativeaccountsreceivableconfirmationsasfollows:
Thenegativeformrequeststherecipienttorespondonlyifheorshedisagreeswiththeinformationstatedontherequest.Negativeconfirmationrequestsmaybeusedtoreduceauditrisktoanacceptablelevelwhen(a)thecombinedassessedlevelofinherentandcontrolriskislow,(b)alargenumberofsmallbalancesisinvolved,and(c)theauditorhasnoreasontobelievethattherecipientsoftherequestsareunlikelytogivethemconsideration.Forexample,intheexaminationofdemanddepositaccountsinafinancialinstitution,itmaybeappropriateforanauditortoincludenegativeconfirmationrequestswiththecustomers’regularstatementswhenthecombinedassessedlevelofinherentandcontrolriskislowandtheauditorhasnoreasontobelievethattherecipientswillnotconsidertherequests.Theauditorshouldconsiderperformingothersubstantiveprocedurestosupplementtheuseofnegativeconfirmations.
16-2(continued)
TheprecedingrequirementthatnegativeconfirmationsareconsideredappropriatewheretheinternalcontrolsofthesalesandcollectioncycleareeffectiveisviolatedbyCynthiaRoberts'approach.Notonlyisherapproachquestionablefromthestandpointthatnonresponseshavenotnecessarilyprovedtheexistenceofthereceivable,butherconfirmationataninterimdaterequireshertoassumeanassessedcontrolrisklessthanmaximum,butshehasnottestedtherelatedinternalcontrolstojustifythisassumption.
16-3Thefollowingareanalyticalproceduresforthesalesandcollectioncycle,andpotentialmisstatementsuncoveredbyeachtest.Eachratioshouldbecomparedtopreviousyears.
ANALYTICALPROCEDURE
POTENTIALMISSTATEMENT
1.Grossmarginbyproductline
Salescutofferrorsorothermisstatementsinvolvingsales;purchasecutofferrorsorothermisstatementsinvolvinginventoryorpurchases.
2.Salesreturnsandallowancesasapercentageofgrosssalesbyproductlineorsegment
Allreturnswerenotrecorded,orshipmentstocustomerswerenotinaccordancewithspecificationsandwerereturned(thiscouldresultinsignificantoperatingproblems).
3.Tradediscountstakenasapercentageofnetsales
Discountsthatweretakenbycustomersandallowedbythecompanywerenotrecorded.
4.Baddebtsasapercentageofgrosssales
Misstatementindeterminingtheallowanceforuncollectibleaccounts.
5.Dayssalesinreceivablesoutstanding
Aproblemwithcollections,anunderstatementofbaddebtsandallowanceforuncollectibleaccounts.
6.Agingcategoriesasapercentageofaccountsreceivables
Collectionproblemsandunderstatementofallowanceforuncollectibleaccounts.
7.Allowanceforuncollectibleaccountsasapercentageofaccountsreceivable
Misstatementindeterminingtheallowanceforuncollectibleaccounts.
8.Comparisonofthebalancesinindividualcustomers'accountsoverastatedamountwiththeirbalancesinthepreviousyear
Aproblemwithcollectionsandthereforeamisstatementoftheallowanceforuncollectibleaccounts,orcutofferrorsorothermisstatementsincustomeraccounts.
16-4Thefollowingarebalance-relatedauditobjectivesandrelatedauditproceduresfortheauditofaccountsreceivable.
BALANCE-RELATEDAUDITOBJECTIVE
AUDITPROCEDURE
Accountsreceivableintheagedtrialbalanceagreewithrelatedmasterfileamounts;thetotaliscorrectlyaddedandagreeswiththegeneralledger.
Tracetwentyaccountsfromthetrialbalancetotherelatedaccountsinthemasterfile.
Foottwopagesofthetrialbalance,totalallpages,andtracetotalstothegeneralledger.
Theaccountsreceivableintheagedtrialbalanceexist.
Confirmaccountsreceivableusingpositiveconfirmations.Confirmallamountsover$15,000andanonstatisticalsampleoftheremainder.
Existingaccountsreceivableareincludedintheagedtrialbalance.
Tracetenaccountsfromtheaccountsreceivablemasterfiletotheagedtrialbalance.
Accountsreceivableinthetrialbalanceareaccuratelyrecorded.
Confirmaccountsreceivableusingpositiveconfirmations.Confirmallamountsover$15,000andanonstatisticalsampleoftheremainder.
Accountsreceivableintheagedtrialbalanceareproperlyclassified.
Reviewthereceivableslistedontheagedtrialbalancefornotesandrelatedpartyreceivables.
Transactionsinthesalesandcollectioncyclearerecordedintheproperperiod.
Selectthelast10salestransactionsfromthecurrentyear'ssalesjournalandthefirst10fromthesubsequentyear'sandtraceeachonetotherelatedshippingdocuments,checkingforthedateofactualshipmentandthecorrectrecording.
Accountsreceivableinthetrialbalanceareowned.
Reviewtheminutesoftheboardofdirectorsforanyindicationofpledgedorfactoredaccountsreceivable.
Accountsreceivableinthetrialbalancearestatedatrealizablevalue.
Discusswiththecreditmanagerthelikelihoodofcollectingolderaccounts.Examinesubsequentcashreceiptsandthecreditfileonolderaccountstoevaluatewhetherreceivablesarecollectible.
16-5Themostimportantobjectivessatisfiedbyconfirmationsareexistence,rights,andaccuracy.Inextremecases,confirmationsarealsousefultestsforcutoff.Sometimesconfirmationsmayalsohelptheauditorsatisfythecompletenessobjective.
16-6Anecessaryauditprocedureistotesttheinformationontheclient'strialbalancefordetailtie-in.Thefootinginthetotalcolumnandthecolumnsdepictingtheagingmustbecheckedandthetotalonthetrialbalancereconciledtothegeneralledgertodeterminethatallaccountsareincludedinthelisting.
Themasterfilerecordsarethetie-inbetweentestsofcontrols,substantivetestsoftransactions,andtestsofdetailsofbalances.Theagedtrialbalanceisthelistingofthemasterfile.Sincetheauditorusestheagedtrialbalanceintestsofdetails,heorshemustbesurethatinformationisthesameasthattestedintestsofcontrolsandsubstantivetestsoftransactions.Inaddition,asampleofindividualbalancesistracedtothemasterfiletodeterminethatthetrialbalancehasbeenproperlysummarizedfromthemasterfile.Inmostcases,itwillnotbenecessarytotraceeachamounttothemasterfileunlessasignificantnumberofmisstatementsisnotedanditisdeterminedthatreliancecannotbeplaceuponthetrialbalancewithlessthan100%testing.Normallyasampleofentriesonthetrialbalancecouldbetracedtothemasterfileandwouldbesufficienttodrawaconclusionastotheoverallaccuracyofthetrialbalance.
16-7Thepurposeoftheaccuracytestsofgrossaccountsreceivableistodeterminethecorrectnessofthetotalamountsreceivablefromcustomers.Thesetestsnormallyconsistofconfirmationofaccountsreceivableorexaminationofshippingdocumentsinsupportoftheshipmentofgoodstocustomers.
Thepurposeofthetestoftherealizablevalueofreceivablesistoestimatetheamountoftheaccountsreceivablebalancethatwillnotbecollected.Toestimatethisamount,theauditornormallyreviewstheagingoftheaccountsreceivable,analyzessubsequentcashpaymentsbycustomers,discussesthecollectibilityofindividualaccountswithclientpersonnel,andexaminescorrespondenceandfinancialstatementsofsignificantcustomers.
16-8Inmostauditsitismoreimportanttocarefullytestthecutoffforsalesthanforcashreceiptsbecausesalescutoffmisstatementsaremorelikelytoaffectnetearningsthanarecashreceiptcutoffmisstatements.Cashreceiptcutoffmisstatementsgenerallyleadtoamisclassificationofaccountsreceivableandcashand,therefore,donotaffectincome.
Toperformacutofftestforsales,theauditorshouldobtainthenumberofthelastshippingdocumentissuedbeforeyear-endandexamineshippingdocumentsrepresentingshipmentsbeforeandafteryear-endandtherelatedsalesinvoicestodeterminethattheshipmentswererecordedassalesintheappropriateperiod.
Theproprietyofthecashreceiptscutoffisdeterminedthroughtestsoftheyear-endbankreconciliation.Depositsintransitatyear-endshouldbetracedtothesubsequentbankstatement.Anydelaysincreditingdepositsbythebankshouldbeinvestigatedtodeterminewhetherthecashreceiptsbookswereheldopen.
16-9Thevalueofaccountsreceivableconfirmationasevidenceca
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