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CHAPTER 14AUDITING THE REVENUE CYCLEFall 2007; For a merchandising company, the classes of transactions in the revenue cycle include: 1. credit sales (sales made on accounts), 2. cash receipts (collections on accounts and cash sales), and 3. sales adjustments (discounts, sales returns and allowances, and uncollectable accounts [provisions and writeoffs]).;Auditing the Revenue Cycle;Pressures to overstate revenues to achieve announced revenue or profitability targets. Pressures to overstate cash and gross receivables or understate the allowance for doubtful accounts for debt covenant working capital requirements. Revenue recognition: ambiguous stds, estimates, complexity of the calculations, rights of return. Receivables are factored with recourse: correct classification as a sale vs. a borrowing. Cash receipts susceptible to misappropriation. Sales adjustments can conceal theft. Classification of AR as current vs. non-current;Understand the Client’s Business and Industry Develop an expectation of total revenues Develop an expectation of gross margin Develop an expectation of net receivables Understanding industry accounting practices. ;Consideration of IC: Obtaining an Understanding and Assessing CR;Credit Sales – Info Commun.;System Flowchart – Initiate Credit Sales;System Flowchart – Delivery of Credit Sales;System Flowchart – Recording Credit Sales;Cash Receipts – Info Commun. ;Control Activities — Sales Adjustment Transactions;Substantive Tests of Revenues and Receivable;Standard Substantive Tests for Revenues Receivables;Substantive Tests of Accounts ReceivableFigure 14-9;Analytical Procedures Commonly Used to Audit the Revenue CycleFigure 14-4;Substantive Tests Revenue and Receivables Cycle: Cut-off Tests;Substantive Tests of AR: Confirmations; Confirmation of receivables is a generally accepted auditing procedure which should be performed unless: AR is immaterial to the financial statements. The use of confirmations ineffective.