[Anonymous]

Hi Everyone:

I hope someone can provide some insight into the following:

I get the concept of Trace (completeness) and Vouch (existence) but I am getting confused when it comes to the actual cycles. I am reading a question in the WTB and it states:

“An auditor’s test of control for completeness for the revenue cycle usually include determining whether”

An I knew the answer was either:

– An Invoice is prepared for each shipping document

– Each invoice is supported by a customer purchase order

What is an easy way to differentiate between completeness and existence? I understand that tracing is from the source document to the GL and vouch is the other way around but this question really confused me…I checked the Forum history but didnt find a clear answer that can help me. THANK YOU!

[G3]

Tracing is “has it completed the cycle” – from evidence forward to recording

Vouching is “can it's existence be proven” – from recording backwards to evidence

So, completeness is “An Invoice is prepared for each shipping document”

I hope this helps 🙂

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[G3]

Tracing is “has it completed the cycle” – from evidence forward to recording

Vouching is “can it's existence be proven” – from recording backwards to evidence

So, completeness is “An Invoice is prepared for each shipping document”

I hope this helps 🙂

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[Anonymous]

Thanks for your help…still trying to wrap my head around it…

[Anonymous]

Thanks for your help…still trying to wrap my head around it…

[G3]

It takes some time to get that concept – believe me 🙂

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[G3]

It takes some time to get that concept – believe me 🙂

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[seattleacct]

Completeness is when something is not recorded, so you start with the originating documentation.

Existence is where something is recorded, but it might not exist, so you have to prove that it does by starting with the record and working backwards through the evidence.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[seattleacct]

Completeness is when something is not recorded, so you start with the originating documentation.

Existence is where something is recorded, but it might not exist, so you have to prove that it does by starting with the record and working backwards through the evidence.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[Author]

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