Assume You Are Working on a 12/31 Year-End Audit

question 24

Essay

Assume you are working on a 12/31 year-end audit.It is now March 31^st and the 12/31 accounts receivable aging shows a large receivable that was outstanding on 12/31 for 120 days.Further,the client's receivables are typically collected in less than 45 days.You anticipate that the client's allowance for doubtful account should be increased and inform the client about your disposition.The client disagrees.Is there an alternative substantive procedure that you could perform that would provide convincing evidence that this balance is collectible?
If so,explain.

Grasp the concept and application of a sales forecast within the budgeting process.

Calculate budgeted prime costs and production requirements for manufacturing processes.

Recognize the significance of keeping in mind the assumptions and predictions upon which a budget is based.

Identify the responsibilities of the person managing the budget process.

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Definitions:

Marketing Strategies

Planned actions aimed at promoting and selling a product or service to target customers.

Utility

In economics, utility refers to the total satisfaction received from consuming a good or service.

Mass Customization

A production and marketing technique that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.

Individual Features

Specific characteristics or attributes that distinguish one person or thing from another.