Chapter 12

Question 1

Test of controls

Answer 1

-inquiry
-observation
-inspection
-Reperformance
-recalculation

Question 2

Key control activities

Answer 2

-segregation of duties
-proper authorization
-adequate documents and records
-sequentially numbered doxuments
-mailing of statements
-independent verification

Question 3

IFRS 15

Answer 3

Identity contract
Indentity performance obligations
Identify transaction price
Allocate transaction price to P/O
Recognize revenue when P/O met