The following (1 through 17) are the balance- related, transaction-related, and presentation- and disclosure- related audit objectives.

Question:

REQUIRED
Identify the specific audit objective (1-17) that each of the following specific audit procedures (a. through 1.) satisfies in the audit of sales, accounts receivable, and cash receipts for the current fiscal year.
a. Examine a sample of duplicate sales invoices to determine whether each one has a shipping document attached.
b. Add all customer balances in the accounts receivable trial balance and agree the amount to the general ledger.
c. For a sample of sales transactions selected from the sales journal, verify that the amount of the transaction has been recorded in the correct customer account in the accounts receivable total field of the customer master file.
d. Inquire of the client whether any accounts receivable balances have been pledged as collateral on long-term debt and determine whether all required information is included in the footnote description for long-term debt.
e. For a sample of shipping documents selected from shipping records, trace each shipping document to a transaction recorded in the sales journal.
f. Discuss with credit department personnel the likelihood of collection of all accounts with a balance greater than $100,000 and greater than 90 days old as of the year end.
g. Examine sales invoices for the last five sales transactions recorded in the sales journal in the current year and examine shipping documents to determine that they are recorded in the correct period.
h. For a sample of customer accounts receivable balances at the year end, examine subsequent cash receipts in the following month to determine whether the customer paid the balance due.
i. Determine whether all risks related to accounts receivable are adequately disclosed.
j. Foot the sales journal for the month of July (half way through the fiscal year) and trace postings to the general ledger.
k. Send letters to a sample of accounts receivable customers to verify whether they have an outstanding balance at the fiscal year end.
l. Determine whether long-term receivables and related party receivables are reported separately in the financial statements.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...