The following is a copy of the auditors working paper for auditing accounts receivable balances for the
Question:
The following is a copy of the auditor’s working paper for auditing accounts receivable balances for the client New Millennium Ecoproducts. It shows the details of the cut-off tests.
Required
(a) Find the details of the transactions selected for cut-off tests. Why would these transactions be selected for testing?
(b) Explain how the auditor has used documents to test the details of the transactions. Why are these documents relevant to the tests?
(c) Have any errors or misstatements been revealed by the cut-off tests in this example?
Transcribed Image Text:
CLIENT: New Millennium Ecoproducts Dec. 31, 2016 EY Period-end: E04 - ACCOUNTS RECEIVABLE CUT-OFF $ 00 Currency/unit: Reference E04 1. Comments relating our review of sales before and after year end (client's analysis by week, day...) E04.1 Reference of work done: Comments: v No unusual transactions or peak in sales detected. 2. Specific tests as per audit program Recorded in the proper period? Yes/No Customer name Invoice number Date in AR ledger Amount TM/Ref Delivery date TM/Ref Comments Transactions recorded before year end Brighter Bobs 785 553 12/29/16 25,000 12/29/16 Yes etc.. Transactions recorded after year end Grey Ghost 854 321 05/01/17 33,000 04/01/17 Yes etc... Key to audit tickmarks: v Agrees to invoice * Agrees to shipping iment Comments: v No errors detected 3. Analytical procedures Reference of work done: E04.2 Comments: - No unusual transaction or peaks in sales detected.
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a To test for cutoff assertion the sales transaction occurring at around the period end immediately ...View the full answer
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Related Book For
Auditing A Practical Approach
ISBN: 978-1118849415
2nd Canadian edition
Authors: Fiona Campbell, Robyn Moroney, Jane Hamilton, Valerie Warren
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