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Hi Tutor,
I have seen a question in one the past paper asking us to provide the accuracy,existence or occurence of receivable/payables etc.
I just want to know if we can learn generic answers to these such as ‘agree the balance from the individual sales ledger account to the aged receivables listing to ensure completeness’ if not then how would i answer it and apply it to the scenario?
I look forward to hearing from you soon.
Yes, the ways to verify assertions are fairly generic for each type of asset/liability/income/expense.
The important thing is to ensure that if you are asked to suggest ways of testing the completion assertion, for example, you do not begin to also talk about ways of, say, testing the valuation assertion. There would be no marks for that.
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