The overall objective in the audit of the sales and collection cycle is to evaluate whether the account balances affected by the cycle are fairly presented in accordance with Australian accounting standards.

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The overall objective in the audit of the sales and collection cycle is to evaluate whether the account balances affected by the cycle are fairly presented in accordance with the relevant accounting standards. This includes examining the effectiveness of internal controls, testing transactions, and evaluating the accuracy and completeness of financial statement disclosures. By doing so, the auditor can provide reasonable assurance that the financial statements are free from material misstatement and fairly represent the financial position and performance of the entity.

The Overall Objective in the Audit of the Sales and Collection