Account 4 7-27 (oBJECTIVE 74) The following are various audit procedures performed specific transaction-related audit objectives as discussed in Chapter 6. The e action-related audit objectives from Chapter 6 are also included. to satis Audit Procedures 1. Trace from receiving reports to vendors\' invoices and entries in the journal. 2. Add the sales journal for the month of july and trace amounts to the 3. Examine expense voucher packages and related vendors\' invoices for ap expense account classification. 4. Observe opening of cash receipts to determine that cash receipts are promptly d posited and recorded. 5. Ask the accounts payable clerk about procedures for verifying prices, quantities and extensions on vendors\' invoices. 6. Vouch entries in sales journal to sales invoices and related shipping documents General Transaction-Related Audit Objectives Occurrence Completeness Accuracy Posting and summarization Classification Timing a. Identify the type of audit evidence used for each audit procedure. b. Identify the general transaction-related audit objective or objectives satisfied audit procedure.
AUDIT PROCEDURE a.TYPEOFAUDITEVIDENCE b.TRANSACTION- RELATEDAUDITOBJECTIVE
1.Trace from receiving COMPLETENESS Timing
reports to vendors’
invoices and entries
in the acquisitionsjournal
2.Add the sales journal for the Recalculation Posting & summarization
month of July and trace amounts
to the general ledger
3.Examine expense voucher Examination,Insp.,Review Classsification
packages and related vendors’
invoices for approval of expense
account classification.
4.Observe opening Observation Timing and Completeness
of cashreceipts to
determine that cash receipts
arepromptlydeposited
and recorded.
5.Ask the accounts Inquiries of client Accuracy
payableclerk about
procedures for
verifying prices,
quantities,and extensions
on vendors’invoices.
6. Vouch entries in sales journal Inspection Occurrence
to sales invoices and
relatedshipping documents
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