Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Whether existing Sales Transactions are recorded?

In many audits and in aduqate internal controls, no substantive tests of transactions are done for the completeness objective on the grounds that overstatements is assets and income are a greater concern in the audit of sales transactions than their understatements! true or false?

user-image
Question added by Fathi Matbaq , Senior Purchasing Officer , Alghanim Industries
Date Posted: 2016/03/06
Abu Bakar Ashfaq
by Abu Bakar Ashfaq , Senior Consultant , PricewaterhouseCoopers Middle East

Yes, overstatement risk is higher in revenue, but it does not preclude the auditor to perform procedures on other assertions. 

PEER MOHAMED PEER
by PEER MOHAMED PEER , ACCONTANT , BLS INTERNATINAL SERVICES

Transaction are initially recorded in which of the following

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.