The auditors have determined that each of the following objectives

The auditors have determined that each of the following objectives will be part of the audit of SSC Corporation. For each audit objective, select a substantive procedure (see the list below) that would help to achieve that objective. Each of the procedures may be used once, more than once, or not at all.

Audit Objective:
a. Establish the completeness of receivables transactions.
b. Determine that the valuation of receivables is at appropriate net realizable values.
c. Verify the cutoff of sales transactions.
d. Establish the accuracy of sales transactions.
e. Determine that the presentation and disclosure of receivables are adequate.
f. Establish that the client has rights to the recorded receivables.

Substantive Procedures:
(1) Analyze the relationship of accounts receivable and purchases and compare it with relationships for preceding periods.
(2) Vouch sales recorded in January of 20X9.
(3) Vouch sales recorded in November of 20X8.
(4) Review the aged trial balance for significant past due accounts.
(5) Obtain an understanding of the business purpose of transactions that resulted in accounts receivable balances.
(6) Review board of director minutes for approval of all customers’ credit limits.
(7) Review drafts of financial statements.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...