Answer to Question #189777 in Finance for Fatima

Question #189777

1.     Identify and discuss the audit evidence that currently exists for sales in Flanco



1
Expert's answer
2021-05-06T15:56:58-0400

i) Robustness of credit granting procedures.

The credit granting procedure for new customers in Flanco is really robust, as they properly check for existence of financial health of the new customers. i.e due diligence done by third party.


ii) Audit evidence for sales in Flanco

Can be the audit evidences for sales, receipts of sales in the Bank statement, shipment documents, copy of invoice to customers.


iii) Three internal controls existing

Control over invoicing - computerised invoicing with unique number of referencing to customer order prevents errors or fraud.


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