Substantive Procedures for Sales and Receivables Assertions the Auditor for Knowles,Inc.is

question 58

Essay

Substantive procedures for sales and receivables assertions The auditor for Knowles,Inc.is attempting to determine whether the recorded sales and accounts receivable are supported by valid transactions.Identify the assertions being tested and develop the substantive procedures to be used to satisfy the auditor's objectives.

---

Definitions:

Thin Client

A computer that does not offer the full functionality of a fat client.

Fat Client

A computer that performs the bulk of data processing operations itself, rather than relying on a server, characterized by its significant local storage, processing power, and software functionality.

Many Functions

A term that denotes software or devices featuring a wide range of capabilities or features designed to perform multiple tasks.

Network Connection

A link between two or more devices that allows them to communicate or share data.