Question: What specific control procedures in addition to separation of duties
What specific control procedures (in addition to separation of duties and responsibilities) should be in place and operating in internal controls governing revenue recognition and cash accounting?
Answer to relevant QuestionsWhat is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an internal control questionnaire?What are some justifications for not using confirmations of accounts receivable on a particular audit?Sales are normally recorded on the date of the a. Customer purchase order. b. Bill of lading. c. Sales invoice. d. Payment check.Based on this information, the auditor is most likely concerned about a. Unrecorded costs. b. Improper credit approvals. c. Improper sales cutoff. d. Fictitious sales.When a sample of customer accounts receivable is selected for vouching debits, auditors will vouch them to a. Sales invoices with shipping documents and customer sales invoices. b. Records of accounts receivable write- offs. ...
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