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Question - One of the customers has an overdue balance of $615,000 according to SJ Corner's Aged Accounts Receivable Listing and this amount is material. The customer has not made a payment since January 2020. You are unable to locate the sales invoices associated with the balance. You have asked the management to provide the invoices, but their response is that certain sales transactions are highly confidential. Sophie later disclosed that these transactions were not related to the cleaning products but some special chemicals that the customer wanted to purchase. SJ Corner would be breaching their confidence if they provided to you. They will provide you with a certificate signed by the CEO that the amount is a bona fide debt owed to the company that will be paid in due course.
Required -
i. Based on the information above, explain the potential impact on the 2020 financial statements.
ii. Discuss alternative audit procedures and evidence you would require if management cannot provide sales invoices.
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