You are working on the audit of Frozen Fresh Ltd and have just completed an evaluation of controls in the sales receivable, and receipt area. You note the following key controls as part of your evaluation a all sales handled were supported by shipping documents. b. All sales once shipped have been invoiced and recorded in the accounting records. C) invoices have been recorded correctly. Required: For each of the controls (a to c) 1. Identity the assertion addressed by the control 2. Provide one common control policies and procedures in the organisation to address the assertions 3. Provide one procedure that could be used to test the control for the key control identified

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A: The auditors verify the fairness of financial statements by collecting audit evidence by following…

Q: Which of the following test controls most likely would help assure an auditor that goods shipped are…

A: In order to test the effectiveness of the control so as to detect the material misstatement, an…

Q: Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall…

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Q: he following are commonly performed tests of controls and substantive tests of transactions audit…

A:

Q: itor needs to obtain an understanding of the overall internal control of a company, the auditor…

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Q: Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall…

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Q: Select the necessary words from the list of possibilities to complete the following statements.…

A: The complete solution is in step 2.

Q: hen use checkmarks to identify which accounts are debited or credited. If none of these accounts is…

A: Identify which accounts are debited or credited. If none of these accounts is affected by the…

Q: V

A: trainee in an audit firm and you have been assigned to   Sales

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Q: Audit tests include tests of controls and substantive procedures. Substantive procedures can be…

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Q: Which of the following is NOT an independent verification control?a. The shipping department…

A: Answer:   Option d.

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A: a.

Q: goal of this substantive audit procedure

A: Option b is wrong because for determining the proper recording of purchases, there is no need to…

Q: document that the auditor would test would mostly likely be the? A. Supplier Invoice B. Purchase…

A: To  verify whether all goods received by the company have been recorded appropriately, the source…

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Q: 5. The computer assigns a number to every sales invoice. Which management assertions apply to this…

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Q: Which of the following audit procedures would an auditor most likely perform to test controls…

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Q: Each of the below describes a procedure consistent with a strong system of internal control except……

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