浇园的软管应该怎样使用才更有效快捷

1、uNature of the Revenue CycleuInherent Risk FactorsuAudit objectivesuControl Activities uStandard Substantive Tests普利卡管http:/ a merchandising company, the classes of transactions in the revenue cycle include:1. credit sales (sales made on accounts),2. cash receipts (collections on accounts and cash s

2、ales), and3. sales adjustments (discounts, sales returns and allowances, and uncollectable accounts provisions and writeoffs).Consider: How Can Revenue be Manipulated?1.Pressures to overstate revenues to achieve announced revenue or profitability targets.2.Pressures to overstate cash and gross recei

3、vables or understate the allowance for doubtful accounts for debt covenant working capital requirements.3.Revenue recognition: ambiguous stds, estimates, complexity of the calculations, rights of return.4.Receivables are factored with recourse: correct classification as a sale vs. a borrowing. 5.Cas

4、h receipts susceptible to misappropriation.6.Sales adjustments can conceal theft.7.Classification of AR as current vs. non-currentUnderstand the Clients Business and Industry1. Develop an expectation of total revenues 2. Develop an expectation of gross margin 3. Develop an expectation of net receiva

5、bles 4. Understanding industry accounting practices.Consideration of IC: Obtaining an Understanding and Assessing CRControl EnvironmentRisk AssessmentInformation and Communication Initiate transactions Deliver (receive) goods or services Record Transactions ConsiderationControl ActivitiesMonitoringC

6、ommon Documents and Records Customer Order Sales Order Shipping Documents (Bill of Lading and Packing Slip) Sales Invoice Authorized Price List Sales Journal Customer Master File Accounts Receivable Master File Customer Monthly StatementSystem Flowchart Initiate Credit SalesSystem Flowchart Delivery

7、 of Credit SalesSystem Flowchart Recording Credit SalesCommon Documents and Records Remittance advice Prelist Cash count sheets Daily cash summary Validated deposit slip Cash receipts journalSales adjustment transactions involve the following:1. Granting cash discounts2. Granting sales returns and a

8、llowances (credit memo)3. Determining uncollectable accounts (write-off authorization memo)Important Concept: The sales that are most likely to represent potential misstatements are the uncollected sales. To design substantive tests for these accounts, the auditor must first determine the acceptable

9、 level of tests of details risk for each significant related objective.1. Initial procedures2. Analytical procedures3. Tests of transactionsa) Test details of sales transactionsb) Cut-off testingSalesCash ReceiptsCredit Memos4. Tests of balancesa) Confirmationsb) Estimates5. Presentation and disclos

10、ureSubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Initial1. Obtain an understanding of 5 4,5Procedures the business and industry and determine: a. The significance of revenues and accounts receivable to the entity. b. Key economic drivers that influence the entitys sales, margi

11、ns, and collections. c. Standard trade terms in the industry, including seasonal dating, collections period, etc. d. The extent of concentration of activity with customers.SubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Initial2. Perform initial procedures on 4,5Procedures accou

12、nts receivable balance and records that will be subjected to further testing. a. Trace beginning balance for accounts receivable to prior years working papers. b. Review activity in general ledger account for accounts receivable and investigate entries that appear unusual in amount or source. c. Obt

13、ain accounts receivable trial balance and determine that it accurately represents the underlying accounting records by: Footing the trial balance and determining agreement with (1) the total of the subsidiary ledger or accounts receivable master file, and (2) the general ledger balance. Testing agre

14、ement of customer and balances listed on the trial balance with those included in the subsidiary ledger or master file.SubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Analytical3. Perform analytical procedures: 4,5Procedures a. Develop an expectation for accounts receivable usin

15、g knowledge of the entitys business acitvity, market share, normal trade terms, and its history of accounts receivable turn days. b. Calculate ratios: Compare sales to the entitys capacity. Compare sales growth and receivalbes growth. Accounts receivable turn days. Uncollectable accounts expense to

16、net credit sales. Uncollectable accounts expense to accounts receivable writeoffs. c. Analyze ratio results relative to expectations based on prior years, industry data, budgeted amounts, or other data.AuditRatioFormulaSignificanceSales to CapacityNet Sales NonfinancialHelpful in assessing theMeasur

17、e of Capacityreasonableness of total revenues.Market ShareClients Net Sales Net SalesHelpful in assessing theof Industryreasonableness of both totalrevenues and gross margins.Larger market share is oftenassociated with larger grossmargins.Sales to TotalSales Average Total AssetsThis ratio is useful

18、forAssetsmanufacturing and otherasset-based companies.Describes the relationshipbetween assets and salesrevenues.Accounts(Accounts Receivable n Ratios larger than 1.0 indicateReceivableAccounts Receivable n-1) -that receivables are growingGrowth to Sales1) (Sales n Sales n-1) 1)faster than sales. La

19、rge ratiosGrowthmay indicate possible collectionproblems.AuditRatioFormulaSignificanceAccountsAverage Accounts Receivable Useful in comparing with industryReceivable TurnSales x 365averages. Longer collectionDaysperiods may indicate collectionproblems. Prior experience andcurrent sales volumes may b

20、euseful in estimating current netreceivables.UncollectableUncollectable AccountsUseful in evaluating theAccounts ExpenseExpense Net Salesreasonableness of uncollectableto Net Creditaccounts expense. Smaller ratiosSalesmay indicate an inadequateprovision for uncollectableaccounts.UncollectableUncolle

21、ctable AccountsUseful in evaluating theAccounts ExpenseExpense Actual Accountsreasonableness of uncollectableto AccountsReceivable Writeoffsaccounts expense. Smaller ratiosReceivablemay indicate an inadequateWriteoffsprovision for uncollectableaccounts.New ProductRevenues from New ProductsCompanies

22、with a high proportionRevenues to TotalIntroduced During the Year of revenues from new productsRevenuesTotal Revenuesmay earn a premium grossmargin due to the ability toinnovate.SubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Tests of4. Vouch a sample of recorded 4Details of sal

23、es and receivableTransactions transactions to supporting documentation. a. Vouch receivable debits to supporting sales invoices, shipping documents, and sales orders. b. Vouch receivable credits to remittance advises or sales adjustments, authorizations for sales returns and allowances or uncollecta

24、ble account writeoffs.SubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Tests of5. Perform cutoff tests for salesDetails of and sales returns.Transactions a. Select a sample of recorded sales transactions from several days before and after year-end and examine supporting sales inv

25、oices and shipping documents to determine sales were recorded in the proper period. b. Select sample of credit memos issued after year-end, examine supporting documentation such as dated receiving reports and determine that returns were recorded in the proper period. Also consider whether volume of

26、sales returns after year-end suggest the possibility of unauthorized shipments before year-end.Objective: Ensuring recording of transactions in the correct periodTypes:1.Sales2.Credit memos3.Cash receiptsSubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Tests of6. Perform cash rec

27、eipts cutoffDetails of tests.Transactions a. Observe that all cash received through the close of business on the last day of the fiscal year is included in cash on hand or deposits in transit and that no receipts of the subsequent period are included, or b. Review documentation such as daily cash su

28、mmaries, duplicate deposit slips, and bank statements covering several days before and after year-end for proper cutoff. Substantive Account Balance Audit Objectives Category Test EO4 C4 RO3 VA# PD# Tests of 7. Confirm accounts receivable. 4 Details of a. Determine the form, timing, Balances and ext

29、ent of confirmation requests. b. Select and execute sample and investigate exceptions. c. For positive confirmation requests for which no reply was received, perform alternative follow-up procedures: Vouch subsequent cash receipts identifiable with items comprising the account balance at the confirm

30、ation date to supporting documentation. Vouch items comprising the balance at the confirmation date to documentary support such as sales orders and shipping documents. Confirm ReceivablesConfirmation of accounts receivable involves direct written communication between individual customers and the au

31、ditor. This substantive test is used extensively by the auditor.Confirmation of receivables is a generally accepted auditing procedure which should be performed unless: 1. AR is immaterial to the financial statements.2. The use of confirmations ineffective.3. Inherent risk and control risk are low e

32、nough and analytical procedures expected to be effective enough to get audit risk to an acceptably low level.Forms of ConfirmationThere are 2 forms of confirmation request:1. the positive confirmation, which requires the debtor to respond whether or not the balance shown is correct, 2. the negative

33、confirmation, which requires the debtor to respond only when the balance shown is incorrect.SubstantiveAccount Balance Audit ObjectivesCategoryTestEO4C4RO3VA#PD#Tests of8. Evaluate the adequacy of the 5Details of allowance component for eachBalances: aging category and in theAccounting aggregate.Estimates a. Foot and crossfoot the aged trial balance of receivables and agree the total to the general ledger. b. Test aging by vouching amounts in aging categories for sample of accounts to supp