Revenue (4)

Question 1

Revenue sales invoices price list documentation (Accuracy)

Answer 1

For a sample od sales invoices, compare prices and terms to authorised price list and terms of trade documentation

Question 2

Revenue discounts applied invoices (Accuracy)

Answer 2

Test whether discounts have been properly applied by recalculating them for a sample of invoices

Question 3

Revenue calculation tax (Accuracy)

Answer 3

Test the correct calculation of tax on a sample business

Question 4

Revenue invoices despatch recorded ledger (Cut-off)

Answer 4

Sample of invoices around the year end. Inspect dates and compare with dates of despatch and dates recorded in ledger for application of correct cut-off

Question 5

Revenue sales returns documentation (Cut-off)

Answer 5

For sales returns, select a sample of returns documentation around year end and trace related credit entries

Question 6

Revenue analytical procedures (Cut-off)

Answer 6

Perform analytical procedures on salers returns, comparing ratio of sales returns to sales

Question 7

Revenue sales transactions ledger sales invoice (Occurrence)

Answer 7

For a sample of sales transactions recorded in the ledger, vouch the sales invoice back to customer orders and despatch documentation