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Problem -
Sunny Skies Limited is presently being audited by your firm. The audit is for the year ended 30 June 2015. You have carried out the following audit procedures during the course of your audit:
A. Vouched the supporting documentation for sales revenue and found that a number of recorded sales transactions were not genuine
B. Traced a sample of inventory items to the client's inventory listing.
C. Examined a sample of paid vendors' invoices to see which company the invoice was issued to
D. Discovered a number of suppliers' invoices dated 29th and 30th June 2015 (when perusing the cash payments journal) that had not been included in the accounts payable account at 30 June 2015 E. Selected a sample of sales transactions and then examined evidence of the credit approval for the customer
REQUIRED: For each of the above audit procedures identify the assertion(s) that is being tested, the account balance(s) that it relates to and justify your choices.
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