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Modern Auditing:

Assurance Services and the Integrity


of Financial Reporting, 8th Edition
William C. Boynton
California Polytechnic State
University at San Luis Obispo

Raymond N. Johnson
Portland State University

Chapter 14 Auditing the Revenue Cycle

DOSEN PENGAMPU
PENGAUDITAN II
Prof. Dr. Arsono Laksmana, SE., Ak. (-PJMK-)
Drs. Hendarjatno, M.Si., Ak.
Drs. Agus Widodo M., M.Si., Ak.
Drs. Hanny Wurangian, M.Si., Ak.
Dra. Iswajuni, M.Si., Ak.
Dra. Yustrida Bernawati, M.Si., Ak.
Devi Sulistyo Kalanjati, SE., M.Sc., M.Acc., Ak.
Habiburrochman, SE., M.Si., Ak.

Chapter Overview

The Revenue Cycle

Develop Audit Objectives

Inherent Risk, Including the Risk


of Fraud
Management Misstatement of Revenue
Overstate revenues
Overstate cash and gross receivables
Understate allowance for doubtful accounts

Other Misstatement Factors

Opportunities for error


Timing
Misclassification
Adjustment transactions

Analytical Procedures

Consideration of Internal Control


Components
Control Environment
Risk Assessment
Information and Communication

Monitoring
Initial Assessments of Control Risk

Study Break
1. The revenue cycle includes all of
the following transactions, except:
A.
B.
C.
D.

Credit Sales
Cash Receipt
Inventory Purchase
Sales Returns and Allowances

C. Inventory Purchase

Study Break
2. This internal control component should
provide management with feedback as
to whether internal controls pertaining
to revenue cycle transactions and
balances are operating as intended.
A.
B.
C.
D.

Monitoring
Initial Assessments of Control Risk
Information and Communication
Control Environment

A. Monitoring

Control Activities for Credit


Sales Transactions
Credit Sales Orders
Over-the-Counter
Mail Order
Internet

Computerized Accounting System


General Controls
Application Controls

Common Documents and


Records
Customer Order
Sales Order
Shipping Document
Bill of Lading
Packing Slip

Sales Invoice
Authorized Price List

Common Documents and


Records
Sales Transactions File
Sales Journal

Customer Master File


Accounts Receivable Master File
Accounts receivable subsidiary ledger

Customer Monthly Statement

Function and Control Activities


Authorizing Sales
Accepting Customer Orders
Approving Credit

Delivery of Goods and Services


Filling Sales Orders
Shipping Sales Orders

Recording Sales

System Flowchart Credit Sales

System Flowchart Credit Sales

System Flowchart Credit Sales

Study Break
3. This document is a journal listing
of the completed sales
transactions.
A.
B.
C.
D.

Sales invoice
Sales transactions files
Authorized price list
Sales journal

D. Sales journal

Study Break
4. This document shows the
description, quantity, and other
data pertaining to a customer
order.
A.
B.
C.
D.

Customer order
Sales order
Shipping document
Sales invoice

B. Sales order

Cash Receipts Transactions


Common Documents and Records
Remittance Advice
Prelist
Cash Count Sheets
Daily Cash Summary
Validated Deposit Slip
Cash Receipts Transactions File
Cash Receipts Journal

Cash Receipts Transactions Functions


Receiving Cash Receipts
Over-the-Counter Receipts
Mail Receipts

Depositing Cash in Bank


Deposited intact daily

Recording the Receipts

Sales Adjustment Transactions


Common Documents and Records
Sales return authorization
Authorization for accounts receivable write-off
Receiving report
Credit memo

Journal entry
Cash Receipts journal

Sales Adjustment Functions and


Controls
Granting Cash Discounts
Granting Sales Returns and Allowances
Determining Uncollectible Accounts
Other Controls
Tests of Controls

Study Break
5. This cash receipts transaction
document is a listing of cash
receipts received through the
mail.
A.
B.
C.
D.

Remittance advice
Prelist
Daily cash summary
Validated deposit slip

B. Prelist

Study Break
6. All of the following are sales
adjustment functions, except:
A.
B.
C.
D.

Granting cash discounts


Determining uncollectible accounts
Recording the cash receipts
Granting sales returns and allowances

C. Recording the cash receipts

Substantive Tests of Accounts


Receivable
Determining Detection Risk for Tests of
Details
Existence and Occurrence

Completeness
Rights and Obligations
Valuation and Allocation
Presentation and Disclosure

Designing Substantive Tests


Initial Procedures

Analytical Procedures

Designing Substantive Tests


Tests of Details of Transactions
Vouch Revenue Transactions
Trace Revenue Transactions
Perform Cutoff Tests
Sales Cutoff Tests
Sales Return Cutoff Tests

Perform Cash Receipts Cutoff Test

Designing Substantive Tests


Tests of Details of Balances
Confirm Receivables
Forms of Confirmation
Positive Confirmation
Negative Confirmation

Timing and Extent of Requests


Controlling the Requests

Designing Substantive Tests


Tests of Details of Balances
Disposition of Exceptions
Alternative Procedures for Dealing
with Nonresponses
Summarizing and Evaluating Results
Applicability to Assertions

Designing Substantive Tests


Tests of Details of Accounting
Estimates
Allowance for Doubtful Accounts
Aged Trial Balance

Tests of Details of Disclosures

Study Break
7. This type of confirmation requires
a debtor to respond only when the
amount shown is incorrect.
A.
B.
C.
D.

Positive Confirmation
Negative Confirmation
Avoidance
Existence

B. Negative Confirmation

Study Break
8. This cutoff test is designed to obtain
reasonable assurance that cash receipts
are recorded in the accounting period
in which received.
A.
B.
C.
D.

Sales cutoff test


Sales return cutoff test
Vouching revenue transactions
Cash receipts cutoff test

D. Cash receipts cutoff test