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R & O-management asserts that company is entitled to the amounts reported as accounts
receivable
Recalculate balances of the allowance for uncollectible accounts & allowances for
sales
discounts & sales returns & allowances
Examine the aged analysis to determine if allowances are reasonable
Examine subsequent collections & shipping documents for receivables for which
positive
confirmations were not returned
Focus on
Evidence - Module 3 108
C-management asserts that all amounts owed to the company resulting from sales on acco~nt
are included in accounts receivable & that all transactions related to sales & accounts receiv-
able were recorded in the appropriate period
Examine shipping logs & shipping documents for shipments at or near year-end to
verify
appropriate cutoff
E or O-management asserts that amounts reported as accounts receivable exist & reported
sales transactions actually occurred
Focus on
Evidence - Module 3
109
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