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Revenue & Receipts Cycle - Coggle Diagram
Revenue & Receipts Cycle
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Weaknesses
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Delivery notes not used
After the sale has been authorised, a delivery note is prepared
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Substantive Testing
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Trade Receivables
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Existence
trade receivables included in the balance actually exists, they are not fictitious
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Accuracy, valuation and allocation
trade receivables are included in the financial statements at appropriate amounts and related disclosures have been appropriately measured as described
Completeness
all trade receivables which should have been recorded have been
recorded and all related disclosures should have been have been included
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