Homework 9 - Homework 9 Assertion Valuation Potential Risk...

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Homework 9 Assertion Potential Risk Generalized Evidence- Gathering Audit Procedures Substantive Tests Valuation Sales may be recorded at incorrect amount Verify sales amount to sales journal Calculate aging receivables for doubtful accounts and verify with sales order Recalculate sales price and compare against original Trace sale from initial sales paperwork to journal entry Recalculate aging receivables and verify to original calculation Existence Misstatement of accounts receivable due to write-offs being performed by unauthorized personnel or accounts receivable clerk Fraudulent accounts may be created or existing accounts misstated to increase assets unauthorized people have access to LAN reports and accounts receivable application confirmation letters sent to customers vouching of sales use of analytical procedures to detect fraud unexpected visit to review ledgers verify internal control for sales invoice compare subsidiary and general ledger trace journal entries
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