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AICPA Financial Accounting and Reporting - Blogs Sample Questions

Shawn, CPA, is performing an audit of Cove Corporation, a wholesaler of consumer products.  Shawn begins with entries in the sales journal and makes sure that there is a sales invoice to support it.  Which of the following is correct?

the correct answer is: this is a test of the existence/occurrence assertion and shawn is probably concerned with overstatement of revenue.  if the auditor begins with entries in the sales journal and makes sure that there is a sales invoice to support it, this would be a test of the occurrence or existence assertion.  the auditor is testing for overstatement of sales.  an auditor always begins with the event that has presumed to have taken place - in this case, that revenue was recorded - and moves to the event that is uncertain - that a sale actually occurred.  if an auditor begins with entries in the sales journal and makes sure that there is a sales invoice to support it, the auditor is searching for overstatement of revenue.  if the auditor finds an entry in the sales journal with no supporting sales invoice, sales are overstated.