| LO 7-1 | Discuss inherent risks related to the revenue and collection cycle with a focus on improper revenue recognition. |
| LO 7-2 | Describe the revenue and collection cycle, including typical source documents and control procedures. |
| LO 7-3 | Give examples of tests of controls over customer credit approval, delivery, and recording of accounts receivable. |
| LO 7-4 | Give examples of substantive procedures in the revenue and collection cycle and relate them to assertions about account balances at the end of the period. |
| LO 7-5 | Describe some common errors and frauds in the revenue and collection cycle and design some audit and investigation procedures for detecting them. |
