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Receivables - what is the main concern?
That valuation is correct
What are the main procedures for auditing Receivables?
inspect cashbook to confirm after year cash receipts
review aged debtors list and ask management about old balances
customer correspondence review
agree aged debtors list to receivables ledger and receivables control account
Inventory - what are the main concerns
If material you should attend the inventory count. What do you do before the count?
Review previous year's working papers
Review client's instructions to counters
Identify any problem arease and discuss with management
inventory count: what to do during the count?
Observe to ensure instructions are being carried out by counters
Make limited test counts to check accuracy
Note damaged or obselete stock
Record document numbers for cut-off testing
Conclude whether count carried out satisfactorily
Inventory Count: what to do after the count?
Check damaged/obselete inventory included and valued correctly
Check inventory records adjusted if necessary for the actual numbers
Payables and accruals, what is the main concern?
#Main task involves searching for unrecorded liabilities
Payables and Accruals - what are the main procedures?
Rec of supplier statements
Review of relevant invoices when received after the reporting date to search for accruals
Review payments after y/e which indicate liabilities existed at y/e
Agree tax comps
Check leases and HP's to agreements
F8 Audit Prcedures