term1 Definition1term2 Definition2term3 Definition3
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Tests of controls over occurence and existence assertion.
- Observe a d evaluate whether proper sevregation of duties is operating.
- For a sample of sales invoices ensure there s a related sales order form that has been authorised and shipping documentation.
- Exami e application controls for authorisation.
- Review and test entity's procedures for accounting for numerical sequences of invoices.
- Review entity's procedures for sending out monthly statements and deali g with customer queries and complaints.
- Review entity's procedures for granting credit to customers.
- Examine a sample of sales orders for evidence of proper credit approval by the appropriate senior staff member.
- Examine application controls for credit limits.
- Review all new customer files to ensure satisfactory credit references have been obtained.
- verify that price lists and terms of trade are properly documented, authorised and communicated.
- Examine application controls for authorised prices and terms.
Control objectives, controls, and test of controls of the sales completeness assertion.
- objective :To ensure that all revenue relating to goods dispatched is recorded.
- Control : Accounting for numerical sequences of invoices.
Test of control : review and tests entity's procedures for accounting for numerical sequences of invoices.
- objective : To ensure that all goods and services sold are correctly invoiced.
- Control : Shipping / despatch documentation is matched to sales invoices .
- Control : sales invoices are reconciled to the daily sales report.
- Control : An open - order file is maintained and reviewed regularly.
- Test of control : For a sample of shipping/despatch documents , ensure each has been matched to a related sales invoice that was subsequently recorded.
- Test of control : Review a sample of reconciliation performed.
- Inspect the open-order file for unfilled orders.
Control objectives , controls , and test of controls for the sales accuracy assertion.
Objective: to ensure that all sales and adjustments are correctly journalised, summarised and posted to the correct accounts.
- Controls : sales invoices and matching documents required for all entries and the date and reference of the entry written on each document.
- Test of controls: review supporting documents fir a sample of sales entries to ensure they contain the written details that indicate they were referred to when entered.
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