An Auditor Wishing to Reperform a Control Review Over a Voucher

question 49

Multiple Choice

An auditor wishing to reperform a control review over a voucher invoice would:

• A) recalculate the amount paid for accuracy.
• B) trace the vendor to the approved vendor list.
• C) trace price paid to the approved vendor price list.
• D) All of the above.

---

Definitions:

Receivables Balance

The total amount of money owed to a company by its customers for goods or services delivered, but not yet paid for.

Average Collection Period

The average number of days it takes for a business to receive payments owed by its customers.

Average Daily Sales

The average amount of sales generated per day over a specific period, commonly used to assess business performance.

Credit Policy

Guidelines that a company follows to determine the creditworthiness of customers, which influence terms of credit and collection procedures.