对销售和收款周期的审计Audit of the Sales and Collection Cycle(英文版).pptx

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AuditoftheSalesandCollectionCycleChapter13 RevenueandCollectionCycleReceivingandprocessingorders(grantingcredit)DeliveringgoodsandservicestocustomersBillingandrecordingofaccountsreceivableCollectinganddepositingcustomerpaymentsBankreconciliation Accountsinclude:AccountsReceivableSalesCash-cashreceiptsAllowanceforDoubtfulAccountsBadDebtsSalesreturnsandallowancesSalesDiscounts AccountsintheSalesandCollectionCycleSalesCashsalesSalesonaccountCashinBankCashDiscountsTakenSalesReturnsandAllowancesBadDebtExpenseAccountsReceivableBeginningCashreceiptsbalanceSalesreturnsSalesonandallowancesaccountCharge-offofEndinguncollectiblebalanceaccounts AccountsintheSalesandCollectionCycleAccountsReceivableBeginningCashreceiptsbalanceSalesreturnsSalesonandallowancesaccountCharge-offofEndinguncollectiblebalanceaccountsBadDebtExpenseAllowanceforUncollectibleAccountsCharge-offofBeginninguncollectiblebalanceaccountsEstimateofbaddebtexpenseEndingbalance SegregationofDutiesSalesandcreditauthorizationCustodyofgoodsandcashRecordkeepingforsales,receivablesandinventoryBankreconciliation ControlActivitiesFidelitybondonpersonshandlingcashNosalesenteredwithoutacustomerorderCreditauthorizationRestrictedaccessto:Inventory/cashBillingterminalsBlankinvoicesSalesrecordedasofshippingdateCashreceiptsondatereceived ControlActivitiesCustomerinvoicecheckedfor:ProperpriceQuantityshipped=billedPendingorderfilereviewed–completenessBankreconciliationmonthlySalesreturnsandadjustmentsauthorizationandprocessingBaddebtwrite-offsauthorization SpecialAuditConsiderationsReceivablearerequiredtobeconfirmedbyGAASAuditorcanchosenottoconfirmreceivablesif:ReceivablesareimmaterialConfirmationsareunreliableConfirmationshelpproveexistenceExistence–riskofoverstatingofrevenues ConfirmationsPositiveandBlankConfirmationsUsedforlargeindividualbalancesBetterevidenceMustgetallresponsesNegativeConfirmationsUsedforlargenumbersofsmallbalancesAndwhenIRandCRarelowResponserates BankReconciliationCutoffbankstatement–confirmsreconcilingitemsLappingofcustomeraccounts-SegregationofdutiesTracedailyremittancetocustomerpostingCheckKitingcontrols-interbanktransferschedule ProcessingCustomerOrdersCustomerOrder:ArequestformerchandisebyacustomerSalesOrder:Adocumentdescribingthegoodsorderedbyacustomer GrantingCreditBeforegoodsareshipped,aproperlyauthorizedpersonmustapprovecredittothecustomerforsalesonaccount. SalesTransactionAccountsBusinessFunctionsDocumentsandRecordsSalesAccountsreceivableProcessingcustomerorders,Grantingcredit,Shippinggoods,BillingcustomersandrecordingsalesSalesinvoice,Salesjournalorlisting,Salestransactionfile,Accountsreceivablemasterfileandtrialbalance,Monthlystatements CashReceiptsTransactionAccountsBusinessFunctionsDocumentsandRecordsCashinbank(debitsfromcashreceipts)AccountsreceivableProcessingandrecordingcashreceiptsRemittanceadvise,Prelistingofcashreceipts,Cashreceiptstransactionfile,Cashreceiptsjournalorlisting SalesReturnsandAllowancesTransactionAccountsBusinessFunctionsDocumentsandRecordsSalesreturnsandallowancesAccountsreceivableProcessingandrecordingsalesreturnsandallowancesCreditmemoSalesreturnsandallowancesjournal Charge-offofUncollectibleAccountsTransactionAccountsBusinessFunctionsDocumentsandRecordsAccountsreceivableAllowanceforuncollectibleaccountsChargingoffuncollectibleaccountsreceivableUncollectibleaccountauthorizationformGeneraljournal BadDebtExpenseTransactionAccountsBusinessFunctionsDocumentsandRecordsBaddebtexpenseAllowanceforuncollectibleaccountsProvidingforbaddebtsGeneraljournal ShippingGoodsThisisthefirstpointinthecyclewherecompanyassetsaregivenup.Shippingdocument BillingCustomersandRecordingSalesSalesinvoiceSalestransactionfileSalesjournalorlistingAccountsreceivablemasterfileAccountsreceivabletrialbalanceMonthlystatement ProcessingandRecordingCashReceiptsRemittanceadvisePrelistingofcashreceiptsCashreceiptstransactionfileCashreceiptsjournalorlisting LockboxSystemsandElectronicFundsTransferCustomerBankOrder/PaymentInformationCompanyInformation ProcessingandRecordingSalesReturnsandAllowancesCreditmemoSalesreturnsandallowancesjournal ChargingOffUncollectibleAccountsReceivableUncollectibleAccountAuthorizationFormThisisadocumentusedinternallytoindicateauthoritytowriteanaccountreceivableoffasuncollectible. ProvidingforBadDebtsThisprovisionrepresentsaresidual,resultingfrommanagement’send-of-periodadjustmentoftheallowanceforuncollectibleaccounts. EffectofE-CommerceontheSalesandCollectionCycleTheInternetTheInternetandotherdevelopingtechnologiesallowcompaniestodevelopnewbusinessmodels. EffectofE-CommerceontheSalesandCollectionCycleBusiness-to-business(B2B)Business-to-consumer(B2C)Management’sassertionsforsalesandcollectionactivitiesremainthesame. EffectofE-CommerceontheSalesandCollectionCycleAuditorsshouldobtainanunderstandingofthedesignandoperationofkeyinternalcontrolsovere-commercerevenues.Evidencefore-commerceactivitiesislikelytobeinelectronicform. MethodologyforDesigningControlsandSubstantiveTests:SalesUnderstandinternalcontrol–salesAssessplannedcontrolrisk–salesEvaluatecost-benefitoftestingcontrols.Designtestsofcontrolsandsubstantivetestsoftransactionsforsalestomeettransaction-relatedauditobjectives.AuditproceduresSamplesizeItemstoselectTiming UnderstandingInternalControl–SalesStudytheclient’sflowcharts,prepareaninternalcontrolquestionnaire,andperformwalk-throughtestsofsales. AssessPlannedControlRisk–SalesAdequateseparationofdutiesProperauthorizationAdequatedocumentsandrecordsPrenumbereddocumentsMonthlystatementsInternalverificationprocedures InternalVerificationProceduresEvaluatecost-benefitoftestingcontrols.Designtestsofcontrolsforsales. Transaction-RelatedAuditObjectivesforSalesExistence:Recordedsalesareforshipmentsactuallymade.Accuracy:Recordedsalesarefortheamountshipped.Completeness:Existingsalestransactionsarerecorded. DesignSubstantiveTestsofTransactionsforSalesClassification:Salestransactionsareproperlyclassified.Timing:Salesarerecordedonthecorrectdates.Postingandsummarization:Salestransactionsareproperlyincludedintheaccountsreceivablemasterfile. DirectionofTestsforSalesCustomerorderShippingdocumentDuplicatesalesinvoiceSalesjournalGeneralledgerAccountsreceivablemasterfile=CompletenessStartExistenceStart SummaryofMethodologyforSalesColumn1:Transaction-relatedauditobjectivesColumn2:KeyinternalcontrolsColumn3:TestofcontrolsColumn4:WeaknessesColumn5:Substantivetestsoftransactions SalesReturnsandAllowancesThetransaction-relatedauditobjectivesandclient’smethodsofcontrollingmisstatementsareessentiallythesameforprocessingcreditmemosasthosedescribedforsales. SalesReturnsandAllowancesThereare,however,twoimportantdifferences.MaterialityEmphasisonobjectives TestsofControlsandSubstantiveTestsofTransactionsforCashReceiptsDeterminewhethercashreceivedwasrecordedPrepareproofofcashreceiptsTesttodiscoverlappingofaccountsreceivable AuditTestsforUncollectibleAccountsExistenceofrecordedwrite-offsisthemostimportanttransaction-relatedauditobjective.Whatisamajorconcernintestingaccountschargedoffasuncollectible?–coveringupadefalcationbychargingoffaccountsreceivablethathavebeencollected AdditionalInternalControlsOverAccountBalancesRealizablevalueRightsandobligationsPresentationanddisclosure EffectofResultsofControlsandSubstantiveTestsofTransactionsThepartsoftheauditmostaffectedbythetestsforthesalesandcollectioncycleare:AccountsreceivableCashBaddebtexpenseAllowancefordoubtfulaccounts RoleofallAuditTestsintheSalesandCollectionCycleSalesAccountsReceivableCashinBankSalestransactionsCashreceiptstransactionsEndingbalanceEndingbalanceTOC+STOT+AP+TDP=SufficientcompetentevidenceperGAASAuditedbyTOC,STOT,andAPAuditedbyAPandTDPAuditedbyTOC,STOT,andAP EndofChapter13