Multiple Choice
Which one of the following best describes the auditors responsibilities regarding appropriate authorizations in the sales/collections cycle?
A) B, C, and D should all be of concern to the auditor.
B) Credit must be authorized before the sale.
C) Goods must be shipped after the authorization.
D) Prices must be authorized.
Correct Answer:
Verified
Correct Answer:
Verified
Q42: Management's assertions for sales and collection activities
Q43: Who is generally responsible for opening receipts
Q44: A document prepared to initiate shipment of
Q45: The auditor's objectives for the sales and
Q46: An audit procedure that compares the name,
Q48: For a firm that practices good internal
Q49: A document that initiates shipment of goods
Q51: Cash receipts from sales on account have
Q114: For each significant internal control deficiency identified
Q139: The sales journal is generated from the