As Part of Verification Techniques in Respect of Revenues an Auditor

question 15

Essay

As part of verification techniques in respect of revenues an auditor will inspect sales invoices. The auditor will gain assurance about different assertions depending on the information on the invoice.
In respect of the information below, select the assertion for which that information will provide assurance.
a. Date of the invoice
b. Description of the item sold
c. Monetary amount

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Definitions:

Form W-2

A tax form used in the United States that reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Merit Rating

A system used to evaluate the performance, abilities, and skills of employees or organizations, often influencing rewards, promotions, or premiums.

FICA Tax

A United States federal payroll tax that funds Social Security and Medicare, contributions are made by both employees and employers.

Social Security

A government system that offers financial assistance to people in the form of retirement benefits, disability income, and other payments.