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Opss. still have another question want to ask.
trade receivable management policy and working capital policy on the management of trade receivables.are they same?When calculate net present value it is incurred with inflation right?
What is the discount factor?Should review the vouchers which is given by the sales man whether it is authorized by the chargeable person such as fuel voucher, hotel accommodation, meal and entertaining
Verify the distance which, the sales man has gone through to supply the goods via car and estimate the through destination and fuel expenses which is incurred by the salesman to the client place.
The auditor should review the customer order which took place in the GDN and got through whether the client has sign the good deliver notes to ensure that the goods has sent correctly as what the client has ordered.
Match the amount that stated in the particular invoices and any trade discounts took place during sales mode. Recheck whether the cash that summit to the chargeable person in the company is match with the invoice or not in order to made the transaction accurately,
The auditor should verify the details of the sales which is made by the salesman/goods dispatched notes with solve invoice to check the quantities, price charge to the customer, trade discounts which have been deducted and etc.
Meanwhile the auditor should review the posting to sales ledger control account and sales ledger to enforce the amount is correctly recorded in the transactions.
Hence the auditor may inspect reconciliation of control account to sales ledger between in order to reduce the risk of misstatement.Are the answer okay?
the other question also need show threat and safeguard,question as below:
1.the audit manager in charge of the audit assignment of GOO holds 1000 $1 ordinary shares in the company (total shares in issue-100000). The audit partner holds no shares.
2. An audit partner of a firm of Certificated Accountants is a personal friend of the chief accountant of SCHOME.The chief accountant is not a director of the company and the partner is not responsible for the audit SCHOME.
3.The audit fee receivable from HIKS, a listed company, is $100000. The total fees income of the audit firm is &700000.
4. An audit partner is responsible for two audit assignments :LON and VIL. LON has recently tendered for a contract with VIL for a supply of material quantities of goods over a number of years. VIL has asked the audit partner to advise on the matter.