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Thomson Learning 10 Substantive Tests in the Revenue/Receipt Cycle:Sales, Receivables, Cash,and Management Discretionin Revenue Recognitionchapterchapter365major topics discussed in this chapter arethe: Relationship between financial statement assertions and audit procedures within the revenue/receipt cycle. Relationship among audit risk, client strategies, and the nature, timing, and extent of substantive tests. Substantive tests applicable to assertions about sales, accounts receivable, and cash balances. Application of audit sampling in substantive tests of accounts receivable. Computer-assisted audit techniques applicable to accounts receivable. Application of audit judgment to questions of earnings manipulationand revenue on the assessed levels of control and inherent risk for assertions within therevenue/receipt cycle, an auditor determines acceptable levels of detection riskand then designs substantive tests for the major financial statement accountsprocessed by the cycle: sales, accounts receivable, and cash.
Auditors typically test completeness for cash balances by examining cutoff bank Thomson Learning™ statements to assure that all …
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