A revenue audit exercise completed as part of KPMG's "Experience a Day with KPMG Audit & Assurance" job simulation — building a revenue leadsheet from a trial balance using VLOOKUP and SUMIF, then substantively testing a sample of revenue transactions by vouching invoices to supporting documentation for fictional client Evergreen Inc.
Revenue grew 16.3% year over year to €42.17M, driven mainly by a 12% uplift across the core sales streams and a large jump in investment income. All five substantive test samples vouched cleanly to supporting documentation with zero differences.
Engagement details
| Client | Evergreen Inc. |
| Period end | 12/31/202X |
| Task 2 — Purpose | Breakdown of revenue balances for the fiscal year |
| Task 4 — Purpose | Test the existence and accuracy of revenue |
Built using VLOOKUP against the trial balance and revenue coding, then reconciled to the financial statement note using SUMIF — every revenue GL account tied out with no exceptions.
Revenue by Stream — Current Year vs. Prior Year
Revenue lead sheet — GL account detail
| GL # | Account Name | Current Year | Prior Year | Change % | Change € |
|---|---|---|---|---|---|
| 800001 | Domestic Direct to Consumer Sales | €23,043,496 | €20,574,550 | 12.0% | €2,468,946 |
| 800002 | AZ Franchise Sales | €2,229,331 | €1,990,474 | 12.0% | €238,857 |
| 800003 | CA Franchise Sales | €5,573,328 | €4,976,186 | 12.0% | €597,142 |
| 800004 | NYC Franchise Sales | €2,340,798 | €2,089,998 | 12.0% | €250,800 |
| 800005 | International Direct to Consumer Sales | €1,003,199 | €895,713 | 12.0% | €107,486 |
| 800006 | AUS Franchise Sales | €2,503,381 | €2,235,162 | 12.0% | €268,219 |
| 800007 | NZ Franchise Sales | €2,071,064 | €1,849,164 | 12.0% | €221,900 |
| 800008 | Investment income | €3,402,096 | €1,652,109 | 105.9% | €1,749,987 |
| Total Revenue | €42,166,693 | €36,263,356 | 16.3% | €5,903,337 |
Five revenue transactions were sampled and vouched from the subledger to underlying invoice documentation — customer, invoice date, and amount all agreed with no differences noted.
Procedures
| 1 | Obtained the revenue subledger from Evergreen and confirmed the subledger total agreed to the GL accounts. |
| 2 | Used a sampling tool; 5 samples were selected. |
| 3 | For each sample, vouched to the supporting documentation. |
| 4 | Investigated any differences identified. |
Sample results
| Sample # | Invoice # | Invoice Date | Customer | Subledger Amount | Invoice Amount | Difference |
|---|---|---|---|---|---|---|
| 1 | 365635 | 2021-03-15 | Use All Six LLC | €33,000 | €33,000 | €0 |
| 2 | 415454 | 2021-03-01 | True U | €72,000 | €72,000 | €0 |
| 3 | 654543 | 2021-03-04 | Digital Fashion Trends | €126,000 | €126,000 | €0 |
| 4 | 787835 | 2021-03-17 | Oragami Inc. | €112,000 | €112,000 | €0 |
| 5 | 854244 | 2021-03-12 | Fashion Novice | €67,000 | €67,000 | €0 |
