Auditing Revenue Cycle – Sales, Receivables
Auditing Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Auditing
Guide.pdf
Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Guide.pdf & Internal Controls Study Guide.pdf
Auditing Revenue Cycle – Sales,
Receivables & Internal Controls Study
Guide
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Auditing Revenue Cycle – Sales, Receivables
Auditing Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Auditing
Guide.pdf
Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Guide.pdf & Internal Controls Study Guide.pdf
, Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf
Terms in this set (20)
What are fraud risks related to revenue cycle? 1. Early revenue recognition
2. Holding the books open past the close of the accounting period
3. Fictitious sales
4. Failure to record sales returns
5. Side agreements used to alter sales terms and conditions to induce
customers to accept goods and services they otherwise do not need
6. Channel stuffing achieved by convincing distributors to purchase more
inventory than can sell in the near term
7. Overstatement of receivables
How should duties be segregated related to sales? 1. Preparation of the sales order (serially numbered sales order)
2. Credit approval (segregation of duties to ensure order is approved)
3. Shipment (serially numbered bill of lading)
4. Billing (serial numbered sales invoice)
5. Accounting (compare sales order, bill of lading and invoice, enter into
sales journal and record receivable)
Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf
Auditing Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Auditing
Guide.pdf
Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Guide.pdf & Internal Controls Study Guide.pdf
Auditing Revenue Cycle – Sales,
Receivables & Internal Controls Study
Guide
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Auditing Revenue Cycle – Sales, Receivables
Auditing Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Auditing
Guide.pdf
Revenue
& Internal
CycleControls
– Sales,
Study
Receivables
Guide.pdf & Internal Controls Study Guide.pdf
, Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf
Terms in this set (20)
What are fraud risks related to revenue cycle? 1. Early revenue recognition
2. Holding the books open past the close of the accounting period
3. Fictitious sales
4. Failure to record sales returns
5. Side agreements used to alter sales terms and conditions to induce
customers to accept goods and services they otherwise do not need
6. Channel stuffing achieved by convincing distributors to purchase more
inventory than can sell in the near term
7. Overstatement of receivables
How should duties be segregated related to sales? 1. Preparation of the sales order (serially numbered sales order)
2. Credit approval (segregation of duties to ensure order is approved)
3. Shipment (serially numbered bill of lading)
4. Billing (serial numbered sales invoice)
5. Accounting (compare sales order, bill of lading and invoice, enter into
sales journal and record receivable)
Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf Auditing - Revenue Cycle.pdf
