PART 1newCIA 2004-Week 8 (Auditing the Revenue Cycle), Chapter 14 Audit of the Sales and Collection - COURSE CODE CIA 2004 COURSE TITLE AUDIT PRINCIPLE

PART 1newCIA 2004-Week 8 (Auditing the Revenue Cycle), Chapter 14 Audit of the Sales and Collection

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COURSE CODE: CIA 2004 COURSE TITLE : AUDIT PRINCIPLE DR. KHAIRUL SAIDAH BINTI ABAS AZMI ROOM NUMBER: B2-3 EMAIL: [email protected] WEEK 8 : Auditing the Revenue Cycle (PART 1) LO5 Chapter 14 Audit of the Sales and Collection Cycle: Tests of Control and Substantive Tests of Transactions
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14- 2 Identify the accounts and the classes of transactions in the sales and collection cycle. 1 1
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14- 3 Accounts in the Sales and Collection Cycle
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14- 4 Describe the business functions and the related documents and records in the sales and collection cycle. 2 2
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14- 5 Sales Transaction Accounts Business Functions Documents and Records Sales Accounts receivable Processing customer orders Granting credit Shipping goods Billing customers and recording sales Customer order Sales order Customer order or sales order Shipping document Sales invoice Sales transaction file Sales journal or listing Accounts receivable master file Accounts receivable trial balance Monthly statements
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14- 7 Cash Receipts Transaction Accounts Business Functions Documents and Records Cash in bank (debits from cash receipts) Accounts receivable Processing and recording cash receipts Remittance advice Prelisting of cash receipts Cash receipts transaction file Cash receipts journal or listing
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