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Relationships Between Balance Sheet and Revenue Accounts Relationship of Revenue to Balance Sheet Accounts Balance Sheet Item Revenue Accounts receivable Sales Notes receivable Interest Securities and other investments Interest, dividends, gains on sales, share of investee’s income Property, plant and equipment Rent, gains on sale Intangible assets Royalties
Substantive Tests Audit Objectives Perform analytical procedures Investigate fluctuations in payroll Obtain a summary of amounts of officers’ compensation and trace to authorization. Existence/occurrence Completeness Valuation Test compensation from profit-sharing or bonus plans. Test commission earnings Test pension obligations Valuation
Audit Procedures Completed Near the End of Field Work