Chapter 12: Overall Audit Plan and Audit Program Objectives After studying this chapter, you should be able to 1. Use the five types of audit tests to determine whether financial statements are fairl y state 2. Select the appropriate types of audit tests. 3. Understand the concept of evidence mix and how it should be varied in different circumstances 4. Design an audit program. 5. Compare and contrast transaction -related audit ob jectives and balance-related audit ob jectives 6. Integrate the four phases of the audit process. Chapter 13: Audit of the Sales and collection Cycle: Tests of Controls and Substantive Tests of Transactions ob jectives After studying this chapter, you should be able to 1. Identify the accounts and the classes of transactions in the sales and collection cycle. 2. Describe the business functions and the related documents and records in the sales and collection cycle 3. Understand internal control and design and perform tests of controls and substantive tests of transactions for sales 4. Apply the methodology for controls over sales transactions to controls over sales returns and allowances 5. Understand internal control and design and perform tests of controls and substantive tests of transactions for cash receipts. 6. apply the methodology for controls over the sales and collection cycle to write-offs of uncollectible accounts receival 7. Develop an integrated audit plan for the sales andChapter 12: Overall Audit Plan and Audit Program Objectives After studying this chapter, you should be able to: 1. Use the five types of audit tests to determine whether financial statements are fairly stated. 2. Select the appropriate types of audit tests. 3. Understand the concept of evidence mix and how it should be varied in different circumstances. 4. Design an audit program. 5. Compare and contrast transaction-related audit objectives and balance-related audit objectives. 6. Integrate the four phases of the audit process. Chapter 13: Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Objectives After studying this chapter, you should be able to: 1. Identify the accounts and the classes of transactions in the sales and collection cycle. 2. Describe the business functions and the related documents and records in the sales and collection cycle. 3. Understand internal control and design and perform tests of controls and substantive tests of transactions for sales. 4. Apply the methodology for controls over sales transactions to controls over sales returns and allowances. 5. Understand internal control and design and perform tests of controls and substantive tests of transactions for cash receipts. 6. Apply the methodology for controls over the sales and collection cycle to write-offs of uncollectible accounts receivable. 7. Develop an integrated audit plan for the sales and collection cycle