AUDIT OF REVENUE CYCLE Sharifah Rahimatul HamizahSiti Shahtira
Binti TalipNajibah Binti RabihiAccounts in the Cycle Cash sales
Credit Sales Sales Return / Allowances Bad DebtsCash/bank a/c Sales
a/c A/c Receivables Sales a/c Sales return a/c Cash/bank a/c A/c
ReceivablesBad debts Exp. A/c ReceivablesDocuments in the
businessDesign & perform analytical procedureAudit of Account
Receivables Key control procedures : KEY CONTROL PROCEDURES
Authorization procedures Sales contracts are approved by management
Credit sales are approved by the credit department Goods are
shipped after credit approval Price used to prepare sales invoices
come from an authorized price list.KEY CONROL PROCEDURES Documented
transaction trails Prepare a multicopy prenumbered sales invoice at
the time a customer order is received. Copies are used for
different purpose approved credit authorize shipment record the
number of unit shipped billed customer used of prenumbering, to
prevent :The failure to bill @ record sales The occurrence of
duplicate billings & recording
KEY CONTROL PROCEDURES Physical controls that limit access to
assets To protect the assets of value from theft (sales invoices,
shipping documents, cash payments, credit approval forms. )
