You are talking to a friend who works as a sales supervisor of a retail store...
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You are talking to a friend who works as a sales supervisor of a retail store that sells clothing at BLOSS, a national retailer. Your friend started talking about some of his common concerns – he has to make sure that staff sell items at the correct price and ring up every item sold. He also is concerned that staff might override prices and take items home for themselves deeply discounted - a form of theft. You then started talking about the difference between management and audit responsibilities, noting that the auditor checks for many of these same risks during the financial statement audit. Required: The five general audit objectives about transactions or events are: occurrence, completeness, accuracy, cutoff and classification. State the specific transaction-related audit objective for sales and also explain how each of these specific objectives relates to (or could relate to) your friend's concerns at BLOSS. (10 marks) Use the following table for your response: General audit objective about transactions or Explain how each of these specific objectives relates to (or could relate to) your friend's State the specific transaction- related audit objective for sales events concerns at BLOSS Occurrence Completeness Accuracy Cutoff Classification You are talking to a friend who works as a sales supervisor of a retail store that sells clothing at BLOSS, a national retailer. Your friend started talking about some of his common concerns – he has to make sure that staff sell items at the correct price and ring up every item sold. He also is concerned that staff might override prices and take items home for themselves deeply discounted - a form of theft. You then started talking about the difference between management and audit responsibilities, noting that the auditor checks for many of these same risks during the financial statement audit. Required: The five general audit objectives about transactions or events are: occurrence, completeness, accuracy, cutoff and classification. State the specific transaction-related audit objective for sales and also explain how each of these specific objectives relates to (or could relate to) your friend's concerns at BLOSS. (10 marks) Use the following table for your response: General audit objective about transactions or Explain how each of these specific objectives relates to (or could relate to) your friend's State the specific transaction- related audit objective for sales events concerns at BLOSS Occurrence Completeness Accuracy Cutoff Classification
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Answer rating: 100% (QA)
Audit Assertions Friends concern at BLOSS Whether the sells has actually taken place or not It might ... View the full answer
Related Book For
Fundamentals of Physics
ISBN: 978-0471758013
8th Extended edition
Authors: Jearl Walker, Halliday Resnick
Posted Date:
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