In the audit of Maxref Corporation (Maxref) for the financial year ended 30 June 2020,...
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Accounting
In the audit of Maxref Corporation (Maxref) for the financial year ended 30 June 2020, you are assigned to check the sale account totalling AU$2,000,000. You have chosen a list of invoices (column 2) of certain customers (column 3) and would like to check these invoices with the sales journal. The result is presented in columns (4) and (5) in the Table below (all amounts are in AU$).
| Date (2020) | Invoice number | Account | Amount on | Amount on |
| invoices | sales journal | |||
| (1) | (2) | (3) | (4) | (5) |
| Jan. 11 | 13236 | Chelsea Ltd | 3,500 | 3,500 |
| Jan. 22 | 15326 | Melbourne Co. | 15,550 | 15,550 |
| Feb. 9 | 15768 | Laverton Hill | 26,460 | 26,460 |
| Mar. 15 | 17524 | Sydney Harbour | 62,500 | 62,500 |
| Apr. 25 | 18014 | HighTech Ltd | 98,000 | 98,000 |
| Apr. 28 | 18015 | Mornington Pty | 205,000 | 205,000 |
| June. 20 | 19000 | Bachurch Corp. | 307,600 | 307,600 |
| June. 30 | 19001 | Point Cook Ltd | 200,000 | 200,000 |
| June. 30 | 19002 | Point Cook Ltd | 65,000 | 65,000 |
Required:
Some people think that the audit procedure performed by the auditor is a test of control. Present your idea and argument to support your answer.
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