审计学一种整合方法阿伦斯英文版第12版课后答案解析Chapter16SolutionsManual.docx

审计学一种整合方法阿伦斯英文版第12版课后答案解析Chapter16SolutionsManual.docx

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审计学一种整合方法阿伦斯英文版第12版课后答案解析Chapter16SolutionsManual

Chapter16

CompletingtheTestsinthe

SalesandCollectionCycle:

AccountsReceivable

ReviewQuestions

16-1Testsofdetailsofbalancesaredesignedtodeterminethereasonablenessofthebalancesinsales,accountsreceivable,andotheraccountbalancesthatareaffectedbythesalesandcollectioncycle.Suchtestsincludeconfirmationofaccountsreceivable,andexaminingdocumentssupportingthebalanceintheseaccounts.

Testsofcontrolsandsubstantivetestsoftransactionsforthesalesandcollectioncycleareintendedtodeterminetheeffectivenessofinternalcontrolsandtotestthesubstanceofthetransactionsthatareproducedbythiscycle.Suchtestsconsistofactivitiessuchasexaminingsalesinvoicesinsupportofentriesinthesalesjournal,reconcilingcashreceipts,orreviewingtheapprovalofcredit.

Theresultsofthetestsofcontrolsandsubstantivetestsoftransactionsaffecttheprocedures,samplesize,timinganditemsselectedforthetestsofdetailsofbalances（i.e.,effectiveinternalcontrolswillresultinreducedtestingwhencomparedtothetestsofdetailsrequiredinthecaseofinadequateinternalcontrols）.Theresultsoftestsofcontrolsalsoaffectthepubliccompanyauditor’sreportoninternalcontrolsoverfinancialreporting.

16-2SAS67（AU330.20）discussestheuseofnegativeaccountsreceivableconfirmationsasfollows:

Thenegativeformrequeststherecipienttorespondonlyifheorshedisagreeswiththeinformationstatedontherequest.Negativeconfirmationrequestsmaybeusedtoreduceauditrisktoanacceptablelevelwhen（a）thecombinedassessedlevelofinherentandcontrolriskislow,（b）alargenumberofsmallbalancesisinvolved,and（c）theauditorhasnoreasontobelievethattherecipientsoftherequestsareunlikelytogivethemconsideration.Forexample,intheexaminationofdemanddepositaccountsinafinancialinstitution,itmaybeappropriateforanauditortoincludenegativeconfirmationrequestswiththecustomers’regularstatementswhenthecombinedassessedlevelofinherentandcontrolriskislowandtheauditorhasnoreasontobelievethattherecipientswillnotconsidertherequests.Theauditorshouldconsiderperformingothersubstantiveprocedurestosupplementtheuseofnegativeconfirmations.

16-2（continued）

TheprecedingrequirementthatnegativeconfirmationsareconsideredappropriatewheretheinternalcontrolsofthesalesandcollectioncycleareeffectiveisviolatedbyCynthiaRoberts'approach.Notonlyisherapproachquestionablefromthestandpointthatnonresponseshavenotnecessarilyprovedtheexistenceofthereceivable,butherconfirmationataninterimdaterequireshertoassumeanassessedcontrolrisklessthanmaximum,butshehasnottestedtherelatedinternalcontrolstojustifythisassumption.

16-3Thefollowingareanalyticalproceduresforthesalesandcollectioncycle,andpotentialmisstatementsuncoveredbyeachtest.Eachratioshouldbecomparedtopreviousyears.

ANALYTICALPROCEDURE

POTENTIALMISSTATEMENT

1.Grossmarginbyproductline

Salescutofferrorsorothermisstatementsinvolvingsales;purchasecutofferrorsorothermisstatementsinvolvinginventoryorpurchases.

2.Salesreturnsandallowancesasapercentageofgrosssalesbyproductlineorsegment

Allreturnswerenotrecorded,orshipmentstocustomerswerenotinaccordancewithspecificationsandwerereturned（thiscouldresultinsignificantoperatingproblems）.

3.Tradediscountstakenasapercentageofnetsales

Discountsthatweretakenbycustomersandallowedbythecompanywerenotrecorded.

4.Baddebtsasapercentageofgrosssales

Misstatementindeterminingtheallowanceforuncollectibleaccounts.

5.Dayssalesinreceivablesoutstanding

Aproblemwithcollections,anunderstatementofbaddebtsandallowanceforuncollectibleaccounts.

6.Agingcategoriesasapercentageofaccountsreceivables

Collectionproblemsandunderstatementofallowanceforuncollectibleaccounts.

7.Allowanceforuncollectibleaccountsasapercentageofaccountsreceivable

Misstatementindeterminingtheallowanceforuncollectibleaccounts.

8.Comparisonofthebalancesinindividualcustomers'accountsoverastatedamountwiththeirbalancesinthepreviousyear

Aproblemwithcollectionsandthereforeamisstatementoftheallowanceforuncollectibleaccounts,orcutofferrorsorothermisstatementsincustomeraccounts.

16-4Thefollowingarebalance-relatedauditobjectivesandrelatedauditproceduresfortheauditofaccountsreceivable.

BALANCE-RELATEDAUDITOBJECTIVE

AUDITPROCEDURE

Accountsreceivableintheagedtrialbalanceagreewithrelatedmasterfileamounts;thetotaliscorrectlyaddedandagreeswiththegeneralledger.

Tracetwentyaccountsfromthetrialbalancetotherelatedaccountsinthemasterfile.

Foottwopagesofthetrialbalance,totalallpages,andtracetotalstothegeneralledger.

Theaccountsreceivableintheagedtrialbalanceexist.

Confirmaccountsreceivableusingpositiveconfirmations.Confirmallamountsover$15,000andanonstatisticalsampleoftheremainder.

Existingaccountsreceivableareincludedintheagedtrialbalance.

Tracetenaccountsfromtheaccountsreceivablemasterfiletotheagedtrialbalance.

Accountsreceivableinthetrialbalanceareaccuratelyrecorded.

Confirmaccountsreceivableusingpositiveconfirmations.Confirmallamountsover$15,000andanonstatisticalsampleoftheremainder.

Accountsreceivableintheagedtrialbalanceareproperlyclassified.

Reviewthereceivableslistedontheagedtrialbalancefornotesandrelatedpartyreceivables.

Transactionsinthesalesandcollectioncyclearerecordedintheproperperiod.

Selectthelast10salestransactionsfromthecurrentyear'ssalesjournalandthefirst10fromthesubsequentyear'sandtraceeachonetotherelatedshippingdocuments,checkingforthedateofactualshipmentandthecorrectrecording.

Accountsreceivableinthetrialbalanceareowned.

Reviewtheminutesoftheboardofdirectorsforanyindicationofpledgedorfactoredaccountsreceivable.

Accountsreceivableinthetrialbalancearestatedatrealizablevalue.

Discusswiththecreditmanagerthelikelihoodofcollectingolderaccounts.Examinesubsequentcashreceiptsandthecreditfileonolderaccountstoevaluatewhetherreceivablesarecollectible.

16-5Themostimportantobjectivessatisfiedbyconfirmationsareexistence,rights,andaccuracy.Inextremecases,confirmationsarealsousefultestsforcutoff.Sometimesconfirmationsmayalsohelptheauditorsatisfythecompletenessobjective.

16-6Anecessaryauditprocedureistotesttheinformationontheclient'strialbalancefordetailtie-in.Thefootinginthetotalcolumnandthecolumnsdepictingtheagingmustbecheckedandthetotalonthetrialbalancereconciledtothegeneralledgertodeterminethatallaccountsareincludedinthelisting.

Themasterfilerecordsarethetie-inbetweentestsofcontrols,substantivetestsoftransactions,andtestsofdetailsofbalances.Theagedtrialbalanceisthelistingofthemasterfile.Sincetheauditorusestheagedtrialbalanceintestsofdetails,heorshemustbesurethatinformationisthesameasthattestedintestsofcontrolsandsubstantivetestsoftransactions.Inaddition,asampleofindividualbalancesistracedtothemasterfiletodeterminethatthetrialbalancehasbeenproperlysummarizedfromthemasterfile.Inmostcases,itwillnotbenecessarytotraceeachamounttothemasterfileunlessasignificantnumberofmisstatementsisnotedanditisdeterminedthatreliancecannotbeplaceuponthetrialbalancewithlessthan100%testing.Normallyasampleofentriesonthetrialbalancecouldbetracedtothemasterfileandwouldbesufficienttodrawaconclusionastotheoverallaccuracyofthetrialbalance.

16-7Thepurposeoftheaccuracytestsofgrossaccountsreceivableistodeterminethecorrectnessofthetotalamountsreceivablefromcustomers.Thesetestsnormallyconsistofconfirmationofaccountsreceivableorexaminationofshippingdocumentsinsupportoftheshipmentofgoodstocustomers.

Thepurposeofthetestoftherealizablevalueofreceivablesistoestimatetheamountoftheaccountsreceivablebalancethatwillnotbecollected.Toestimatethisamount,theauditornormallyreviewstheagingoftheaccountsreceivable,analyzessubsequentcashpaymentsbycustomers,discussesthecollectibilityofindividualaccountswithclientpersonnel,andexaminescorrespondenceandfinancialstatementsofsignificantcustomers.

16-8Inmostauditsitismoreimportanttocarefullytestthecutoffforsalesthanforcashreceiptsbecausesalescutoffmisstatementsaremorelikelytoaffectnetearningsthanarecashreceiptcutoffmisstatements.Cashreceiptcutoffmisstatementsgenerallyleadtoamisclassificationofaccountsreceivableandcashand,therefore,donotaffectincome.

Toperformacutofftestforsales,theauditorshouldobtainthenumberofthelastshippingdocumentissuedbeforeyear-endandexamineshippingdocumentsrepresentingshipmentsbeforeandafteryear-endandtherelatedsalesinvoicestodeterminethattheshipmentswererecordedassalesintheappropriateperiod.

Theproprietyofthecashreceiptscutoffisdeterminedthroughtestsoftheyear-endbankreconciliation.Depositsintransitatyear-endshouldbetracedtothesubsequentbankstatement.Anydelaysincreditingdepositsbythebankshouldbeinvestigatedtodeterminewhetherthecashreceiptsbookswereheldopen.

16-9Thevalueofaccountsreceivableconfirmationasevidenceca