23 Jun 2. The in-charge auditor has calc
2. The in-charge auditor has calculated, using PPS, that a sample of 117 accounts receivable invoices should be selected to help determine the accuracy of the AR balance. The invoices were selected and confirmations were sent. The following issues were uncovered. What is your response to each of the issues?
a. Confirmation #34 was not returned.
b. Confirmation #21 was sent back with a comment from the customer saying the amount was paid in January.
c. Confirmation #74 was retuned with a comment that the amount is too high due to a returned shipment by the customer.
d. Confirmation #82 was returned to your client.
f. Confirmation #98 was returned with a comment stating that the customer only keeps books as a total balance not individual invoices.
Inventory Substantive Testing:
1. Provide one piece of documentation that provides evidence for each of the following assertions, for inventory substantive testing.
a. Presentations and disclosure
b. Rights and obligations
c. Existence and occurrence
d. Completion and cutoff
e. Valuation
Long-Term Assets Substantive Testing:
1. Provide one piece of documentation that provides evidence for each of the following assertions, for long-term assets substantive testing.
a. Presentations and disclosure
b. Rights and obligations
c. Existence and occurrence
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