Question
An auditor identifies a significant risk around revenue cut-off due to manual end-period adjustments and complex multi-element contracts. The client proposes reliance on a detective control: monthly reconciliation of shipped-not-billed and deferred revenue by finance. Control design appears sound but testing shows intermittent failures. What is the most appropriate audit response?
More Auditing Questions
- Which of the following statements is true for cash basis accounting?
- Internal audit is conducted to:
- As per SA 230, audit working papers must be retained for:
- An audit engagement letter is primarily issued to:
- Which of the following statements is not true?
- Working papers are primarily the property of:
- Which of the following is NOT a type of audit opinion as per SA 700?
- Internal auditor is removed and appointed by which among the following?
- An auditor uses statistical sampling to test receivables confirmations. Why is statistical sampling often preferred over judgmental sampling?
- The scope of internal audit is decided by the :
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