What are teh common audit procedures for sales and collection?

Question

What necessary testing procedures are required to determine an accurate valuation? What asset, liability and expense accounts are included in a typical sales and receivable trial balance?

Answer 1

when the question of sales and collection - then the sale is on credit basis.

if it is on credit basis - there is time frame for payment/collection.

accordingly audit procedure will relate to time management for collection process. and repoetition of credit to defaulters.