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Does such an internal control prevent misstatements

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Reference no: EM132926273

Question - A client who grants credit to customers will often send Monthly Statements to its customers. Examples of this are your Smartphone monthly statement (e.g. Telus, Rogers, Koodo, Chatr, Freedom Mobile, etc.) and your utility Monthly Statements (e.g. Fortis, BC Hydro). Complaints from customers about discrepancies on the Monthly Statement should receive independent follow-up.

Answer the following questions:

From an auditor's perspective, if a client has such an internal control in place, what class of transaction(s) and what related assertion(s) is/are impacted?

Regarding the "independent follow-up" aspect of this internal control, should the "independent" person be the Accounts Receivable clerk? Why or why not?

Does such an internal control "prevent" or "detect and correct" misstatements?

Reference no: EM132926273

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