00:01
So, here for question number 1, we can say that here the sales transaction audit trail at henrico retail inc starts from the point of sale, where sales transactions are recorded either electronically or on paper.
00:32
These transactions are then summarized and recorded in the sales journal, which is usually in electronic form.
00:46
Then a preventive control is designed to prevent errors or fraud from occurring in the first place.
00:58
On the other hand, a detective control is used to identify errors or fraud after they have occurred.
01:12
Then to audit the occurrence assertion for sales transactions, a proposed strategy could involve examining the paper -based audit trail such as sales invoices and receipts to verify that each transaction actually occurred.
01:42
To select a sample of sales transactions, test the occurrence of a sales transaction you can use the sales transaction register on daily basis or daily sales summary report as an evidence source.
02:12
Then for auditing the accuracy assertion of sales transaction, a proposed strategy could involve reconciling the sales transactions recorded in the sales journal or pos system with the corresponding paper -based evidence.
02:39
Then yes, you can use the same sample of transactions of testing multiple assertions...