Consider the two management assertions, existence and completeness. Suppose you are testing the existence of...
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Accounting
Consider the two management assertions, existence and completeness. Suppose you are testing the existence of sales revenue and the completeness of sales revenue. Your client has these accounting documents: sales journal; sales invoices; and shipping documents.
- Define what existence means for sales revenue. What is the direction of the audit test for existence? Show the direction of the documents.
- Define what completeness means for sales revenue. What is the direction of the audit test for completeness? Show the direction of the documents.
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