Receivables

List all the assertions … complete, accurate, exist, rights (“owned”), etc. Then think of a couple of classes of transactions – say sales and purchases and think of a couple of account balances – say receivables and payables. Ask yourself “does management assert that this class of transactions/balance is complete … accurate (yes to all), exists (only assets/liabilities can exist) – whereas only transactions can have “occurred”, etc. You will see that some assertions relate only to transactions, some only to balances and some to both. Then check out page 59 of the notes for an “answer” relating to receivables/sales. You will find more details in Chapter 16.
For audit procedures you then need to think about the relevant assertions – what evidence will confirm, for example, that this transaction occurred/this asset exists/this liability is owed (obligation)? There are many examples in Chapters 17 onwards – aim to understand them so you really learn them for the exam.