Problem
Listed below are several of the auditors' objectives for presentation in the financial statements:
I. Establish that disclosed events and transactions have occurred.
II. Establish that the events and transactions relate to the entity.
III. Establish that all disclosures have been included in the financial statements..
IV. Determine the financial information is at the appropriate valuation.
V. Determine the that the information is accurately disclosed.
VI. Establish that the financial information is appropriately presented and described.
VII. Establish that the financial information is clear and understandable to users.
Task:
Discuss the audit objective (or objectives) of the following audit procedure referencing the appropriate objectives I - VII.
Perform year-end cutoff of sales transactions.