25 Aug 9: The following are common audit procedures for tes
9: The following are common audit procedures for tests of sales and cash receipts:
- Examine the sales journal for related-party transactions, notes receivable, and other unusual items.
- Select a sample of customer orders and trace the document to related shipping documents, sales invoices, and the accounts receivable master file for comparison of name, date, and amount.
- Examine duplicate sales invoices for an indication that unit selling prices were compared to the approved price list.
- Examine duplicate sales invoices to determine whether the account classification for sales has been included on the document.
- Compare the quantity and description of items on duplicate sales invoices with related shipping documents.
- Perform a proof of cash receipts.
- Examine a sample of remittance advices for approval of cash discounts.
- Account for a numerical sequence of remittance advices and determine whether there is a cross-reference mark for each one, indicating that it has been recorded in the cash receipts journal.
- Trace recorded cash receipts in the accounts receivable master file to the cash receipts journal and compare the customer name, date, and amount of each one.
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