Chapter_Fourteen - Auditing Lecture NotesChapter Fourteen...

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Auditing Lecture Notes- Chapter Fourteen 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 EXAM. 5 pages of comments that you have to study. Table 2 – Transaction-Related Audit Objectives, Key Existing Controls, Test of Controls, Deficiencies, and Substantive Tests of Transactions for Sales
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This note was uploaded on 11/30/2009 for the course ACCT 411 taught by Professor Jackson during the Fall '09 term at Michigan State University.

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Chapter_Fourteen - Auditing Lecture NotesChapter Fourteen...

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