What is a walk-through of a sales transaction? How can the walk-through work complement the use of an internal control questionnaire?
Answer to relevant QuestionsWhat is dual-direction testing of controls? What are the objectives of dual-direction testing in auditing the revenues, receivables, and receipts process?What special care should be taken with regard to examining the sources of accounts receivable confirmation responses?What accounting records and files could an auditor examine to find evidence of unrecorded sales, inadequate credit checks, and incorrect product unit prices?Prepare a table similar to Exhibit 11–4 on (internal control objectives) for cashreceipts.You are the in-charge auditor examining the financial statements of the Gutzler Company for the year ended December 31. During late October, with the help of Gutzler’s controller, you completed an internal control ...
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