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Receivables - what is the main concern?
That valuation is correct
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
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
What would you like to do?
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