[F8]每日一练F8 (INT) 答案回复可见

1 Introduction – audit firm
You are an audit senior in Brennon ; Co, a firm providing audit and assurance services. At the request of an audit
partner, you are preparing the audit programme for the income and receivables systems of Seeley Co.
Audit documentation is available from the previous year’s audit, including internal control questionnaires and audit
programmes for the despatch and sales system. The audit approach last year did not involve the use of computerassisted
audit techniques (CAATs); the same approach will be taken this year. As far as you are aware, Seeley’s system
of internal control has not changed in the last year.
Client background – sales system
Seeley Co is a wholesaler of electrical goods such as kettles, televisions, MP3 players, etc. The company maintains
one large warehouse in a major city. The customers of Seeley are always owners of small retail shops, where electrical
goods are sold to members of the public. Seeley only sells to authorised customers; following appropriate credit
checks, each customer is given a Seeley identification card to confirm their status. The card must be used to obtain
goods from the warehouse.
Despatch and sales system
The despatch and sales system operates as follows:
1. Customers visit Seeley’s warehouse and load the goods they require into their vans after showing their Seeley
identification card to the despatch staff.
2. A pre-numbered goods despatch note (GDN) is produced and signed by the customer and a member of Seeley’s
despatch staff confirming goods taken.
3. One copy of the GDN is sent to the accounts department, the second copy is retained in the despatch
department.
4. Accounts staff enter goods despatch information onto the computerised sales system. The GDN is signed.
5. The computer system produces the sales invoice, with reference to the inventory master file for product details
and prices, maintains the sales day book and also the receivables ledger. The receivables control account is
balanced by the computer.
6. Invoices are printed out and sent to each customer in the post with paper copies maintained in the accounts
department. Invoices are compared to GDNs by accounts staff and signed.
7. Paper copies of the receivables ledger control account and list of aged receivables are also available.
8. Error reports are produced showing breaks in the GDN sequence.
Information on receivables
The chief accountant has informed you that receivables days have increased from 45 to 60 days over the last year.
The aged receivables report produced by the computer is shown below:
Number of Range of debt Total debt $ Current $ 1 to 2 More than 2
receivables months old $ months old $
15 Less than $0 (87,253) (87,253)
197 $0 to $20,000 2,167,762 548,894 643,523 975,345
153 $20,001 to 50,000 5,508,077 2,044,253 2,735,073 728,751
23 $50,001 or more 1,495,498 750,235 672,750 72,513
–––– –––––––––– –––––––––– –––––––––– ––––––––––
388 9,084,084 3,256,129 4,051,346 1,776,609
–––– –––––––––– –––– –––––––––– –––––––––––––––––––– –––––––––––––––––––– ––––––––––––––––––––
In view of the deteriorating receivables situation, a direct confirmation of receivables will be performed this year.

Required:
(a) Explain the steps necessary to check the accuracy of the previous year’s internal control questionnaires.
(4 marks)
(b) Using information from the scenario, list SIX tests of control that an auditor would normally carry out on the
despatch and sales system at Seeley Co and explain the reason for each test. (12 marks)
(c) State and explain the meaning of FOUR assertions that relate to the direct confirmation of receivables.
(4 marks)
(d) (i) Describe the procedures up to despatch of letters to individual receivables in relation to a direct
confirmation of receivables. (5 marks)
(ii) Discuss which particular categories of receivables might be chosen for the sample. (5 marks)
(30 marks)

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