F8

Card Set Information

Author:
jonochall
ID:
186092
Filename:
F8
Updated:
2012-11-29 14:40:36
Tags:
F8 Audit Prcedures
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Description:
Procedures
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  1. Receivables - what is the main concern?
    That valuation is correct
  2. What are the main procedures for auditing Receivables?
    • Debtor circularisation
    • 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
  3. Inventory - what are the main concerns
    • Existence
    • Completeness
    • Valuation
  4. 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
  5. 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
  6. 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
  7. Payables and accruals, what is the main concern?
    Completeness!

    #Main task involves searching for unrecorded liabilities
  8. 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

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