Auditing and Assurance Services
Management's Assertions for Sales and Collection Activities Remain the Same
Management's assertions for sales and collection activities remain the same whether sales are generated through traditional or e-commerce activities.
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Misstatements involving the completeness objective for sales lead to overstatements of assets and income.
Violations of the existence objective for sales are of greater concern to the auditor than violations of the completeness objective.
An effective procedure to test the existence objective for sales is to vouch sales journal entries to copies of sales orders,shipping documents,and sales invoices.
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