Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you are the audit manager. you suspected that the

You are the audit manager. You suspected that the company made some sales on special...

80.2K

Verified Solution

Question

Accounting

You are the audit manager. You suspected that the company made some sales on special occasions but forgot to record them. The sales were made through normal processes and there was no breach of internal control. You asked your assistant how he would go about to find evidence either to prove or disprove your suspicion. He made four proposals:

(1) Confirming accounts receivable; (2) checking payments received after the balance sheet; (3) calculating gross profit ratio; (4) calculating inventory turnover ratio.

What would you say to him for each of these proposals?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A problem of interest is the relationship between the appraised value of a property and its...

Mechanical Engineering
1.2K views

A steam thermoelectric plant operates a Rankine cycle with overheating. Water enters the pump as saturated...

Electrical Engineering
1.2K views

A very long solid conducting cylinder of length L and radius R carries a uniform surface current...

Physics
1.2K views

11 iii Maximum minimum water level kept at resonance condition If we increase the tension...

Geometry
1.2K views

Which rule explains why these triangles S P Q 11 T

Statistics
1.2K views

In a certain country the true probability of a baby being a boy is 0...

Statistics
1.2K views

Question The following data set provides infromation on acres harvested and planted by year and...

Calculus
1.2K views

Find an equation of the tangent plane to the surface z 3y 5x at the...

Algebra
1.2K views

Arithmetic Series Find the sum of the finite arithmetic series 28 50 4m 1 046...

Algebra
1.2K views

5 6 5 4 3 2 1 Ty 2 3 4 5 2 3 6...

Accounting
1.2K views

bbsbsn

Accounting
1.2K views

Bremmer uses a periodic inventory system and the following information is available: Sales Inventory-Beginning Inventory-Ending...