Waypoint sells goods internationally over the internet. They pay delivery companies for shipping and ship F.O.B. customer address. The customer pays for the goods, plus any shipping charge, through a third-party payment company, Payfriend, at the time the customer orders the goods. Payfriend confirms receipt of payment and notifies Waypoint of clearance to ship.

You have been assigned the cash section for Waypoint.com as your first audit assignment. Since this is a recurring audit for your firm, you have had the opportunity to review last year’s working paper file including systems notes.

What is the most important evidence you must obtain for your audit of cash? Why is it the most important?

Answer rating: 100% (QA)

Y What is the most important errdence for your audit of it must obtain you ... View the full answer