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Discuss analytical procedures and substantive procedures

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Reference no: EM132338430

Question

Your audit team is preparing for the audit of one of your small retail clients. During preliminary discussions, management disclosed that the company has a lot of customers who pay with cash.

Discuss specific analytical procedures and substantive procedures that are required to ensure the revenue and cash audits will properly support your firm's opinion that cash and revenue accounts meet all the client's assertions. Include common errors that are often noted during cash and revenue audits and how these can be avoided by your team.

Reference no: EM132338430

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