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We discussed the difference between a) tracing a sample of transactions from the source documents to the ledgers and b) vouching a transaction from the ledger to the source documents. 1.  Which assertion would we be testing in each case?  2.  Which approach would we use for Accounts Receivable and which would we use for Accounts Payable?  And, why?

We discussed the difference between a) tracing a sample of transactions from the source documents to the ledgers and b) vouching a transaction from the ledger to the source documents. 1.  Which assertion would we be testing in each case?  2.  Which approach would we use for Accounts Receivable and which would we use for Accounts Payable?  And, why?

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle.
Section: Chapter Questions
Problem 35RQSC
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We discussed the difference between a) tracing a sample of transactions from the source documents to the ledgers and b) vouching a transaction from the ledger to the source documents.

1.  Which assertion would we be testing in each case? 

2.  Which approach would we use for Accounts Receivable and which would we use for Accounts Payable?  And, why?

 

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