Which audit procedure is most effective in testing credit sales for overstatement?

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dariensmith16881 dariensmith16881

18-08-2022
Business

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Which audit procedure is most effective in testing credit sales for overstatement?

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Tundexi Tundexi · Answer 1 · 2022-08-24T01:06:57+02:00

The audit procedure that is most effective in testing credit sales for overstatement is vouching a sample of recorded sales from the sales journal to shipping documents.

What is an overstatement?

In accounting, If an account or a figure on an account is overstated, it means that the amount that is reported on the financial statement is more than it should be.

Hence, in order to correct such errors, the audit procedure that is most effective in testing credit sales for overstatement is vouching a sample of recorded sales from the sales journal to shipping documents.