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acc 411 ch 14 (danielle) - Auditing Lecture NotesChapter...

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Auditing Lecture Notes- Chapter Fourteen Audit of Sales & Transaction Cycle Opening Vignette Discussion- The CPA firm had to rely on the company’s ICS or it would not have been able to complete the audit in time. Figure 1 - Accounts in the Sales & Collection Cycle Table 1 – Classes of Transactions, Accounts, Business Functions, and Related Documents and Records When are these transactions recorded? – (In Class Exercise) Your are responsible for everything in the “Business Functions in the Cycle and related documents and records”. This should help you better understand the internal control process involved here! On the midterm or final! About 5+ pages of text discussing the documents that are used in this cycle. FLAG those pages! Start picking out the standard internal controls related to specific documents. Ex: shipping document is related to the internal control of approval of credit. Tie objectives into the different types of objectives!
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  • Fall '09
  • jackson
  • transaction-related audit objectives, NotesChapter Fourteen Audit, Cycle Opening Vignette, Receipts Overall objectives

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