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Lab Iii Audit of Sales and Collection Cycle: I. Tujuan

The document discusses the objectives and procedures for auditing the sales and collection cycle. It aims to understand transaction classes, business functions, documents, and record keeping within the cycle. It also aims to understand fraud risks, types of confirmations used, key internal controls, and tests that can be performed including substantive tests of transactions and tests of detailed account balances. The document provides definitions and examples of various terms related to auditing the sales and collection cycle.

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Ana Nurfaizah
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60 views

Lab Iii Audit of Sales and Collection Cycle: I. Tujuan

The document discusses the objectives and procedures for auditing the sales and collection cycle. It aims to understand transaction classes, business functions, documents, and record keeping within the cycle. It also aims to understand fraud risks, types of confirmations used, key internal controls, and tests that can be performed including substantive tests of transactions and tests of detailed account balances. The document provides definitions and examples of various terms related to auditing the sales and collection cycle.

Uploaded by

Ana Nurfaizah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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LAB III

AUDIT OF SALES AND COLLECTION CYCLE

I. Tujuan
1. Mengetahui kelas transaksi pada sales and collection cycle
2. Mengetahui fungsi bisnis , dokumen terakit, dan pencatatan pada sales and
collection cycle
3. Mengetahui risiko kecurangan
4. Mengetahui jenis konfirmasi
5. Memahami Key Internal Control dan TOC
6. Memahami STOT dan TODB

II. Tinjauan Teori


1. Kelas transaksi:
a. Sales of goods and service
b. Cash receipt
c. Sales return and allowances and sales discounts
2. Fungsi bisnis, dokumen terkait, dan pencatatan:
Kelas
Akun Fungsi Bisnis Dokumen Terkait
Transaksi
Processing Customer order
customer order Sales order
Sales
Deliver goods
Shipping document
and services
Sales invoices
Credit memo
Sales transaction file
Account receivable Sales journal or listing
Account receivable master
Sales Recognizing
file
the receivable
Account receivable trial
balance

LAB III / AUDIT OF SALES AND COLLECTION CYCLE | 1


Monthly statement
Cash in bank (from
Check and remittance advice
cash receipt) Processing and
Cash
Account receivable recording cash Cash receipt transaction file
receipt
receipt Cash receipt journal or
Sales discounts
listing

3. Risiko Kecurangan pada sales and collection cycle adalah :


 Penjualan Fiktif
 Lapping (Penundaan pencatatan account receivable)
4. Jenis konfirmasi dalam siklus ini ada 2 yaitu :
a. Konfirmasi positif
 blank
 invoice
b. Konfirmasi Negatif

Jika konfirmasi positif tidak dijawab, maka dapat dilakukan prosedur


alternatif yaitu :
 subsequent cash receipt
 duplicate sales imvoice
 shipping document
5. Key Internal Control pada sales and collection cycle :
a. Segregation of duties
b. proper authorization
c. adequate document and record
d. prenumbered document
e. monthly statement
Sedangkan Test of Control adalah pengujian yang dilakukan untuk
menilai keefektifan Internal Control yang diterapkan.
6. Substantive test of Transaction (STOT) >> TRAO fokus pada:
a. occurrence d. posting and summarization
b. completeness e. classification
c. accuracy f. timing

LAB III / AUDIT OF SALES AND COLLECTION CYCLE | 2


Test of Detail Balance (TODB) >> BRAO fokus pada :
1. existence
2. completeness
3. classification
4. accuracy
5. cut off
6. detail tie in
7. realizable value
8. rights

LAB III / AUDIT OF SALES AND COLLECTION CYCLE | 3


Multiple Choice

1. When testing accounts receivable, an auditor should be concerned about all of the
following audit objectives except:
a. Cutoff c. Timing
b. Existence d. Accuracy

2. There is a relationship between transaction-related audit objectives for sales and


collection cycle and balance related audit objectives for accounts receivable in each of
the following areas:
a. Accuracy c. Existence
b. Realizable value d. Cutoff

3. Comparing account receivable aging categories as a percentage of accounts receivable with


previous years is an analytical procedure to determine if there is:
a. An overstatement or understatement of sales
b. An overstatement or understatement of sales returns and allowances
c. An overstatement or understatement of allowance for uncollectable accounts and bad
debt expense
d. All of the above

4. Confirmation is the most important test of details for:


a. Fixed assets c. Accounts receivable
b. Sales d. Payroll

5. When auditing accounts receivable, an auditor should be aware of the following items
that may affect accounts receivable:
a. Assigned receivables c. Factoring of receivables
b. Pledged receivables d. All of the above

6. A type of positive confirmation is:


a. Cutoff c. Sample
b. Invoice d. Population

LAB III / AUDIT OF SALES AND COLLECTION CYCLE | 4


7. Negative confirmations for accounts receivable can be used when:
a. Inherent risk is high
b. Accounts receivable is made up of a large number of small accounts
c. Control risk is high
d. The response rate to positive confirmations in prior years was low

8. Which of the following is an example of a confirmation that does not require a customer
response to the confirmation unless there is a problem?
a. Invoice c. Blank
b. Positive d. Negative

9. If a confirmation is received back from a customer with different notes on it, the auditor
should:
a. Use the company's balance as the correct amount
b. Ignore the differences
c. Use the customers balance as the correct amount
d. Investigate the difference

10. A confirmations return address should be that of:


a. Company employees
b. Management of the company
c. Auditors
d. Board of Directors of the company

LAB III / AUDIT OF SALES AND COLLECTION CYCLE | 5

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