1. Does the computer system automatically approve a credit sale based on preapproved credit limits maintained in...
Question:
1. Does the computer system automatically approve a credit sale based on preapproved credit limits maintained in a customer master file?
2. Are shipping documents controlled and sequentially numbered? Is the sequence of the shipping documents properly accounted for to identify any missing documents?
3. Is there a mechanism for proper cancellation of shipping documents?
4. Is the accounts receivable master file reconciled to the general ledger on a monthly basis?
5. Does the accountant independently reconcile the bank account balance?\ 6. Are batch totals of cash receipts compared with a computer summary report of the cash receipts journal by the data control clerk?
7. Is there a mechanism to internally verify if cash and credit sales transactions are charged to the correct general ledger account?
8. Are cash receipts recorded on a daily basis?
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley