Chapter 15. I have some questions : 1. what is C.O.D. basis on MC15-7? 2. How to think for MC15-8,15-14?
C.O.D. stands for Cash On Delivery.MC15-8: The specific objective here refers to the “Cutoff” specific objective in Table 15-4, p.155. Therefore, the associated TOC procedure in that table indicates that the receiving report date (the date the merchandise has been received) should be no later than the date the check that is cut (written) to pay for the purchase. To do otherwise means that the check is cut (written) before the merchandise is received (receiving report). (a) is the answer. MC15-14: No thinking is required here. The answer (c) – completeness specific objective – comes straight from Table 15-4, p.155 on “completeness” that associates with the audit procedure of “scan for numerical sequence of checks” in the last column of that table.
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