[melodymiao]

1st question, just the normal receivables procedures: completeness, valuation, accuracy, etc. E.g. Reconcile journal to general ledger; Direct confirmation from customers; If customers don’t reply, take actions to follow up.

Thank you!

[melodymiao]

Bro, I’m full time college student. U know it’s almost final, but I spend 3 hours every week day to review for F8 exam. Don’t give up.

[melodymiao]

Auditor needs to test whether actual operation achieves assertion level. Reconciliation of bank statement and confirmation are substantive procedures to confirm certain assertions.

There are assertions for transactions, account balances and presentation/disclosure.

[melodymiao]

Assertion is what management personnels believe in the financial statements. Take sales transaction as an example. Completeness means that managment believe they have recorded all transactions occurred. And substantive test in this area would be auditor testing whether the balance on financial statement shows as what management said. Hope this helps.

[melodymiao]

Passed with 64%. Not very satisfied with it because I think F7 would not be a difficult paper, and I didn’t work hard and probably overlooked it.

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