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sesi_8a_pemr-akts.ppt
1.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 1 ©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley 14 - 1 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Chapter 14
2.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 2 Learning Objective 1 • Identify the accounts and the • classes of transactions in the • sales and collection cycle.
3.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 3 Accounts in the Sales and Collection Cycle Sales Cash sales Sales on account Accounts Receivable Cash receipts Sales returns and allowances Write-off of uncollectible accounts Beginning balance Sales on account Ending balance Cash in Bank Cash Discounts Taken Bad Debt Expense Sales Returns and Allowances
4.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 4 Accounts in the Sales and Collection Cycle Accounts Receivable Cash receipts Sales returns and allowances Write-off of uncollectible accounts Beginning balance Sales on account Ending balance Allowance for Uncollectible Accounts Write-off of uncollectible accounts Beginning balance Estimate of bad debt expense Ending balance Bad Debt Expense
5.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 5 Learning Objective 2 • Describe the business functions • and the related documents and • records in the sales and • collection cycle.
6.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 6 Sales Transaction Accounts Sales Accounts receivable Business Functions Processing customer orders Granting credit Shipping goods Billing customers and recording sales Documents and Records Customer order Sales order Customer order or sales order Shipping document Sales invoice Sales transaction file Sales journal or listing Accounts receivable master file Accounts receivable trial balance Monthly statements
7.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 7 Cash Receipts Transaction Cash in bank (debits from cash receipts) Accounts receivable Processing and recording cash receipts Remittance advice Prelisting of cash receipts Cash receipts transaction file Cash receipts journal or listing Accounts Business Functions Documents and Records
8.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 8 Sales Returns and Allowances Transaction Sales returns and allowances Accounts receivable Processing and recording sales returns and allowances Credit memo Sales and returns and allowances journal Accounts Business Functions Documents and Records
9.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 9 Write-off of Uncollectible Accounts Transaction Accounts receivable Allowance for uncollectible accounts Writing off uncollectible accounts receivable Uncollectible account authorization form General journal Accounts Business Functions Documents and Records
10.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 10 Bad Debt Expense Transaction Bad debt expense Allowance for uncollectible accounts Providing for bad debts General journal Accounts Business Functions Documents and Records
11.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 11 Processing Customer Orders Customer Order: A request for merchandise by a customer Sales Order: A document describing the goods ordered by a customer
12.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 12 Granting Credit Before goods are shipped, a properly authorized person must approve credit to the customer for sales on account
13.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 13 Shipping Goods This is the first point in the cycle where company assets are given up
14.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 14 Billing Customers and Recording Sales Sales invoice Sales transaction file Sales journal or listing Accounts receivable master file Accounts receivable trial balance Monthly statement
15.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 15 Processing and Recording Cash Receipts Remittance advice Prelisting of cash receipts Cash receipts transaction file Cash receipts journal or listing
16.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 16 Processing and Recording Sales Returns and Allowances Credit memo Sales returns and allowances journal
17.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 17 Writing Off Uncollectible Accounts Receivable Uncollectible account authorization form This is a document used internally to indicate authority to write an account receivable off as uncollectible
18.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 18 Providing for Bad Debts This provision represents a residual, resulting from management’s end-of-period adjustment of the allowance for uncollectible accounts
19.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 19 Learning Objective 3 • Understand internal control, and • design and perform tests of • controls and substantive tests • of transactions for sales.
20.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 20 Methodology for Designing Controls and Substantive Tests Understand internal control – sales Audit procedures Sample size Items to select Timing Assess planned control risk – sales Determine extent of testing controls Design tests of controls and substantive tests of transactions for sales to meet transaction- related audit objectives
21.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 21 Understand Internal Control – Sales Study the client’s flowcharts, prepare an internal control questionnaire, and perform walk-through tests of sales.
22.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 22 Assess Planned Control Risk – Sales 1. Framework for assessing control risk 2. Identify key internal controls and deficiencies 3. Associate controls and deficiencies with the objectives 4. Assess control risk for each objective
23.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 23 Assess Planned Control Risk – Sales Adequate separation of duties Proper authorization Adequate documents and records Prenumbered documents Monthly statements Internal verification procedures
24.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 24 Determine Extent of Testing Controls Audits of public companies Audits of nonpublic companies
25.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 25 Transaction-related Audit Objectives for Sales Occurrence: Recorded sales are for shipments actually made. Accuracy: Recorded sales are for the amount shipped. Completeness: Existing sales transactions are recorded.
26.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 26 Transaction-related Audit Objectives for Sales Classification: Sales transactions are correctly classified. Timing: Sales are recorded on the correct dates. Posting and summarization: Sales transactions are correctly included in the accounts receivable master file.
27.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 27 Direction of Tests for Sales Completeness start Occurrence start Customer order Shipping document Duplicate sales invoice Sales journal General journal Accounts receivable master file =
28.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 28 Summary of Methodology for Sales Transaction-related audit objectives (Column 1) Key existing controls (Column 2) Tests of control (Column 3) Deficiencies (Column 4) Substantive tests of transactions (Column 5)
29.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 29 Learning Objective 4 • Apply the methodology for controls • over sales transactions to controls • over sales returns and allowances.
30.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 30 Sales Returns and Allowances The transaction-related audit objectives and client’s methods of controlling misstatements are essentially the same for processing credit memos as those described for sales.
31.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 31 Sales Returns and Allowances There are, however, two important differences. Materiality Emphasis on objectives
32.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 32 Learning Objective 5 • Understand internal control, and • design and perform tests of • controls and substantive tests • of transactions for cash receipts.
33.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 33 Tests of Controls and Substantive Tests of Transactions for Cash Receipts Determine whether cash received was recorded Prepare proof of cash receipts* Test to discover lapping of accounts receivable* * Only performed when fraud is suspected
34.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 34 Learning Objective 6 • Apply the methodology for • controls over the sales and • collection cycle to write-offs • of uncollectible accounts • receivable.
35.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 35 Audit Tests for the Write-Off of Uncollectible Accounts Occurrence transaction-related audit objective Verification of accounts written off Proper authorization of the write-off of uncollectible accounts
36.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 36 Additional Internal Controls Over Account Balances Realizable value Credit approval Aged accounts receivable trial balance Writing off uncollectibles Rights and obligations Presentation and disclosure
37.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 37 Effect of Results of Controls and Substantive Tests of Transactions The parts of the audit most affected by the tests for the sales and collection cycle are: Accounts receivable Bad debt expense Cash Allowance for doubtful accounts
38.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 38 Types of Audit Tests for the Sales and Collection Cycle Sales Accounts Receivable Cash in Bank Sales transactions Cash receipts transactions Ending balance Ending balance TOC + STOT + AP + TDB = Sufficient appropriate evidence Audited by TOC, STOT, and AP Audited by AP and TDB Audited by TOC, STOT, and AP
39.
©2010 Prentice Hall
Business Publishing, Auditing 13/e, Arens//Elder/Beasley 14 - 39 ©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley 14 - 39 End of Chapter 14
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