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Hello Sir,
Examiner’s answer relating to substantive procedures to confirm Hummingbird’s revenue:
Select a sample of despatch notes both pre and post year end; follow these through to sales invoices in the correct accounting period to ensure that cut-off has been correctly applied.
My question: In year end balances, Cut-off is not mentioned as one of the assertions, or is it that ‘revenue’ is a ‘transaction & event’ and not ‘year end balance’ ?
Revenue is a transaction or event (receivables are a year end balance).
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