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Do think that recognize as sales revenue is correct

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Your client Corp A is a company engaged in the production of heavy equipment and markets its products on a business to business (B2B) basis. Goods produced by Corp A are heavy equipment such as: Excavators, Bulldozers, Mobile Cranes, Motor Scrapers, etc. There are also a number of finished products in the form of heavy equipment which are self-used by Corp A. After several years of self-use, that heavy equipment is sold, which is in the fiscal year that you are currently auditing. Corp A recorded it as sales revenue which is increased their operating profit.

Problem a. Do you think that recognize it as sales revenue is correct? Explain your answer!

Problem b. What audit objectives relate to the above case! Explain your answer

Reference no: EM132780516

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