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Below is an essay on "Auditing" from Anti Essays, your source for research papers, essays, and term paper examples.

Question 1 ( 8.24 ) Existance Assest “ accounts receivable “ interest exist by testing existence, amounts in the draft financial statements. By not obtaining direct confirmation of balances from debtors by cicularisation or other means, but will adopt procedures to test for existence by examining : Trade receivables actually exist at balance sheet date cash receipts shipping documents sales invoices bank deposits Vouch receivables to shipping documents Vouch sample of recorded sales transactions to customer orders and shipping documents Sebsequant receipt testing Focus on large or unusual sales Valuation Trade receivables have been included in the annual financial statements at correct carrying amount, allowances made for bad debt. Test from statements to debtors ledger and visa versa evaluate clients, debtors, account receivables aging schedule, allowance for bad debt amount owed by debtors. E.g current – 0%, 30 days – 2%... Are write-offs properly authorized Evaluate accounts that have been written off and examine aging schedule for potential additional write-offs. Valuation – "gross" amount, trade receivables incl. in financial statements at appropriate amount Using audit software, cast the "total amount owed" column and compare it to the amount reflected in the debtors control account and the trial balance. Review the debtors control account at 31 March 2013 and follow up on any material or unusual amounts. Using audit software, extract a listing of negative (credit) balances from the master file and follow up to establish the reason.

Valuation – allowance for bad debts Enquiry to management made on the method and procdure followed to estimate the allowance for bad debts Enquire about, and evaluate, the authorisation procedures for the allowance, for example, whether it has been "authorised" by accounts receivable manager, Zuma or the financial director, Roux ( the more independent the credit control authorisation, the better Assess whether the basis of...

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Auditing. Anti Essays. Retrieved December 15, 2018, from the World Wide Web: http://teachingsail.com/free-essays/Auditing-586573.html


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