2 questions of auditing matching needs to be answered.
Match the substantive audit procedure to the assertion being tested. (More than one
procedure can be used to test the same assertion.) The procedures all relate to the
A. Select a sample of invoices issued during the last 5 days of the year and agree that the
invoices to the packing slips as to date, description, and quantity.
B. Review the accounts receivable aging re[port and discuss balances over 90 days past due with
the accounting manager.
C. Review loan agreements to determine whether receivables are pledged as security.
D. Obtain a listing of revenues (by customer) for the year. Determine whether sales to any
customers represent more that %5 of total sales for the year.
1. Existence/Occurrence 2. Completeness 3. Valuation 4. Presentation/Disclosure 5. Rights/Obligations Match the question on the internal control questionnaire for the acquisition cycle to the
A. Are the unmatched receiving reports reviewed periodically?
B. Are vendor statements reconciled to accounts payable ledgers?
C. Are vendor invoices matched to purchase orders and receiving reports before being entered
into the system?
1. Existence/Occurrence 2. Completeness 3. Valuation 4. Presentation/Disclosure
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