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How do auditors verify sales?
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If a company says it made a $10 million credit sale, how does the auditor verify that this is true?
I mean, how does an auditor know if a sale is really a sale?
The auditor is looking for 3 things:
• A customer order, to show the customer actually ordered something
• A shipping document, to show the company shipped goods to the customer
• A sales invoice, to show the company billed the customer for the goods that were shipped
These 3 documents provide strong evidence that a sale actually occurred.
But they’re not concrete proof, because the company might have forged these documents.
Which is why the auditor would contact the company’s customer directly to ask whether they truly owe money to the company. This is called a confirmation request.
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I mean, how does an auditor know if a sale is really a sale?
The auditor is looking for 3 things:
• A customer order, to show the customer actually ordered something
• A shipping document, to show the company shipped goods to the customer
• A sales invoice, to show the company billed the customer for the goods that were shipped
These 3 documents provide strong evidence that a sale actually occurred.
But they’re not concrete proof, because the company might have forged these documents.
Which is why the auditor would contact the company’s customer directly to ask whether they truly owe money to the company. This is called a confirmation request.
#shorts
—
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.
—
SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS:
• A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING
• A 44-PAGE GUIDE TO U.S. TAXATION
• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS
• MANY MORE FREE PDF GUIDES AND SPREADSHEETS
—
SUPPORT EDSPIRA ON PATREON
—
GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT
—
LISTEN TO THE SCHEME PODCAST
—
GET TAX TIPS ON TIKTOK
—
ACCESS INDEX OF VIDEOS
—
CONNECT WITH EDSPIRA
—
CONNECT WITH MICHAEL
—
ABOUT EDSPIRA AND ITS CREATOR
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