| Transaction-Related Audit Objective | Control |
| Occurrence | • Approval is made by supervisor for all invoices. • Clerk of accounts payables has not any access to cash. • Approval is made by supervisor for all credit. |
| Completeness | • Cash register is maintained at the front of store department. • Clerks of sales department handle no cash. • Clerks of sales department summarize daily sales, which decide their commission. Comparison of this summary made daily to total sales. • Sales transactions are made to update perpetual and physical inventory for every month is taken. |
| Accuracy | • Owner sets all prices. • All calculations are rechecked by the supervisor. • Supervisor’s sales summary and all computer totals to sales staff summary totals are reconciled by accountant. • Monthly statements are delivered to customers. |
| Posting and summarization | • For updating of record computer is used. Monthly statement is delivered. • The comparison of aged trial balance is made to the general ledger. |
| Classification | None |
| Timing | Sales transactions are documented daily. |
| Transaction-Related Audit Objective | Control |
| Occurrence | • Bank reconciliation is made for every month. • Clerks of accounts receivable department compare duplicate deposit slip to sales and journal cash receipts. |
| Completeness | • For all cash sales, cash register is used. • Cash received on receivable is prelisted. • Money is deposited by supervisor in a locked box. |
| Accuracy | • Cash sales are summarized by supervisor and is compared totals to the cash receipt tapes. • Bank reconciliation for month is prepared. • Comparison is made by clerk of accounts receivable of duplicate deposit slip from bank to cash sales and cash receipt journal. • Monthly statements are delivered to customers. |
| Posting and summarization | • For updating of record computer is used. • Monthly statements are sent. • The comparison of aged trial balance is made to the general ledger. |
| Classification | None |
| Timing | Cash is deposit daily. |
PH
