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@billiebob1 said:
This is a silly question but now is the time i begin to freak out.When it asks to person substantive procedures should i be thinking about
Occurrence
Completeness
Acuracy
Cut-Off
Disclosure
Existence
Etc….So how we would prove these things?!
Thanks!
xGive me your email add,I will send you relevant Notes Which will help you in solving the exam questions 😀
@christine71 said:
Positiive confirmation got two types, 1st details are included in the confirmation request. Debtor is asked to agree or disagree with the information provide. if debtors disagree, he is asked to provide explanation of why he is disagrees in the form of reconciling items.
2nd types, details are not included in the confirmation request. Debtors is asked to fill in the amt or furnish information.
Negative confirmation , this is a request that the confirming party respond directly to the auditor only if the confirming party disagrees with the information provided in the request.In negative auditor are just requesting to reply directly to the auditor ? nthing els ?
In above option your guide us the way of reconciling the debtor balance.if they dun’t reply.yes ?
i want to know what if the Debtor did not reply our conformation letter,
no reply deemed that debtor is agree with balance ?@nikky1611 said:
Have to follow up with the debtors, phone them but permission should be taken from the mgtwe can trace the debtor balance by different way which is suitable for Firm..but we have to required permission from management..im right ??
F8 June 2012 : For sure following are the chapter you cannot ignore if you wanna pass F8. Here are the chapters:
1. Ethics ( threats and safeguards to independence/ how an auditor accept an appointment )
2. Planning and risk ( especially Audit risk and its application- should be good at picking risk from scenario and commenting upon them- should also know the definition of audit risk and three components well) / what impact on audit strategy of selected audit risk level.
3. Internal controls ( something you cant rule out from F8 paper / sales and purchase system looks at top priority)/ Test of controls too
4.Substantive procedures ( again receivables/ payables/ sales / purchases / inventory looks important)
5. Review ( Subsequent events / going concern)
6. Reporting ( looks important – again opinions in a given scenario)If in the case debtor not reply the auditor about the balance conformation ? what other audit procedure we will apply in checking the accuracy of balance ?
also send me : salman.pasha@live.com