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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,11-,*,2003 Prentice Hall Business Publishing,Essentials of Auditing 1/e,Arens/Elder/Beasley,Audit of the Sales andCollection Cycle,Chapter 11,LearningObjective1,Identifytheaccountsandthe,classesoftransactionsinthe,salesandcollectioncycle.,AccountsintheSalesandCollectionCycle,Sales,Cash,sales,Sales on,account,Cash in Bank,Cash Discounts,Taken,Sales Returns,and Allowances,Bad Debt,Expense,Accounts Receivable,BeginningCash receipts,balance,Sales returns,Sales onand allowances,account,Charge-off of,Endinguncollectible,balanceaccounts,AccountsintheSalesandCollectionCycle,Accounts Receivable,BeginningCash receipts,balance,Sales returns,Sales onand allowances,account,Charge-off of,Endinguncollectible,balanceaccounts,Bad Debt,Expense,Allowance for Uncollectible Accounts,Charge-off ofBeginning,uncollectiblebalance,accounts,Estimate of bad,debt expense,Ending balance,LearningObjective2,Identifythebusinessfunctions,andtherelateddocumentsand,recordsinthesalesand,collectioncycle.,ProcessingCustomerOrders,CustomerOrder:,Arequestformerchandise,byacustomer,SalesOrder:,Adocumentdescribingthe,goodsorderedbyacustomer,SalesTransaction,Accounts,Sales,Accounts receivable,Business,Functions,Processing customer orders,Granting credit,Shipping goods,Billing customers and recording sales,Documents,and Records,Sales invoice,Sales journal or listing,Sales,transaction file,Accounts receivable master,file and trial balance,Monthly statements,CashReceiptsTransaction,Accounts,Cashinbank(debitsfromcashreceipts),Accountsreceivable,Business,Functions,Processing and recording cash receipts,Documents,and Records,Remittance advise,Prelisting of cash receipts,Cash receipts transaction file,Cash receipts journal or listing,SalesReturnsandAllowancesTransaction,Accounts,Salesreturnsandallowances,Accountsreceivable,Business,Functions,Processing and recording,sales returns and allowances,Documents,and Records,Credit memo,Sales returns and allowances journal,Charge-offofUncollectibleAccountsTransaction,Accounts,Accountsreceivable,Allowanceforuncollectibleaccounts,Business,Functions,Charging off uncollectible,accounts receivable,Documents,and Records,Uncollectible account authorization form,General journal,BadDebtExpenseTransaction,Accounts,Baddebtexpense,Allowance for uncollectibleaccounts,Business,Functions,Providing for bad debts,Documents,and Records,General journal,ShippingGoods,Thisisthefirst pointin the cycle,where company assetsaregiven up.,Shipping,document,LearningObjective 3,Understand how e-commerce,activities affect the,sales and collectioncycle.,Effect of E-CommerceontheSales and CollectionCycle,The Internet,TheInternetand,other developing,technologiesallow,companies todevelop,newbusinessmodels.,Effect of E-CommerceontheSales and CollectionCycle,Business-to-business(B2B),Business-to-consumer(B2C),Managementsassertionsforsales and,collection activities remainthesame.,Effect of E-CommerceontheSales and CollectionCycle,Auditorsshouldobtain an understanding,of the design and operationof key internal,controlsover e-commercerevenues.,Evidencefore-commerceactivities,is likely tobein electronic form.,LearningObjective 4,Understand internalcontrol,anddesign and perform tests,of controlsandsubstantive,tests oftransactions for sales.,Understanding InternalControl Sales,Study the client,s flowcharts,preparean internalcontrol,questionnaire,and perform,walk-throughtests of sales.,MethodologyforDesigning Controlsand Substantive Tests:Sales,Understand internal,control,sales,Audit procedures,Sample size,Items toselect,Timing,Assess planned,control risk sales,Evaluate cost-benefit,of testing controls.,Design tests of controls,and substantive tests,of transactions for sales,to meet transaction-,related audit objectives.,Assess PlannedControl Risk,Sales,Adequateseparation,of duties,Proper authorization,Adequatedocuments,andrecords,Prenumbered,documents,Monthlystatements,Internalverification,procedures,InternalVerification Procedures,Evaluatecost-benefit,of testing controls.,Design testsof,controlsforsales.,Transaction-RelatedAuditObjectivesforSales,Existence:,Recordedsales are for shipmentsactually made.,Accuracy:,Recordedsales are for the amount shipped.,Completeness:,Existingsales transactionsarerecorded.,Design Substantive TestsofTransactionsforSales,Classification:,Sales transactions are properlyclassified.,Timing:,Sales are recorded on the correct dates.,Postingandsummarization:,Sales transactions are properlyincluded,in the accountsreceivable master file.,Direction ofTests for Sales,Sales,journal,General,ledger,Accounts,receivable,master file,=,Customer,order,Shipping,document,Duplicate,sales invoice,Completeness Start,Existence Start,Summaryof Methodologyfor Sales,Column 1:Transaction-related auditobjectives,Column 2:Key internal controls,Column 3:Test of controls,Column 4:Weaknesses,Column 5:Substantive testsof transactions,LearningObje
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