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Audit of The Sales and Collection Cycle: Tests of Controls and Substantive…
Audit of The Sales and Collection Cycle: Tests of Controls and Substantive Tets of Transaction
Accounts and Classes of Transactions in The Sales and Collection Cycle
Sales (cash and sales on account)
Cash receipt
Sales return and alowances
Write-off uncollectible accounts
Estimate of bad debt expense
Business Functions in The Cycle and Related Documents and Records
Processing and Recording Cash Receipts
Prelisting of Cash Receipts
Cash Receipts Transaction File
Remittance Advice
Cash Receipts Journal or Listing
Processing and Recording Sales Return and Allowances
Credit Memo
Sales Return and Allowance Journal
Billing Customers and Recording Sales
Sales Transaction File
A/R Master File
Sales Transaction File
Sales Invoice
A/R Trial Balance
Monthly Statement
Writing Off Uncollectible A/R
Uncollectible Account Authorization Form
Shipping Goods
Shipping
Document
Providing of
Bad Debts
Granting Credit
Processing Customer Orders
Customer Order
Methodology for Designing Tests of Controls and Substantive Test of Transactions for Sales
Prepare Proof of Cash Received
Test to Discover Lapping of A/R
Determine Whether Cash Received was Recorded
Sales Returns and Allowances
Methodology for Designing Tests of Controls and Substantive Tests of Transactions for Cash Receipts
Determine Extent TOC
Design TOC for Sales
Direction of Tests
Sales are Accurately Recorded
Existing Sales Transactions Are Recorded
Sales Transactions are Correctly Included in the Master File and Corrrectly Summarized
Sale Recorded More Than Once
Recorded Sales are Correctly Classified
Recorded Sale for Which There Was No Shipment
Sales are Recorded on the Correct dates
Recorded Sales Occured
Shipment Made to Nonexistent Customers
Design Substantive Tests of Transactions for Saes
Asses PCR - Sales
Adequate Documents and Records
Prenumered Documents
Proper Authorization
Monthly Statements
Adequate Separation of Duties
Internal Verification Procedures
Summary of Methodology for Sales
Key Existing Controls
TOC
Transaction-Related Audit Objectives
Deficiencies
Substantive Test of Transactions
Understand Internal Control - Sales
Design and PerformanceFormat Audit Procedures
Audit Tests for Uncollectible Accounts
Effect of Results of Tests of Controls and Substantive Tests of Transactions