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Audit of account receivable

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Audit of account receivable

  • This topic has 2 replies, 3 voices, and was last updated 14 years ago by Anonymous.
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  • October 3, 2010 at 7:41 am #45450
    kaidywong1985
    Member
    • Topics: 7
    • Replies: 11
    • ☆

    why auditor should pay attention to settlement from debtor who have been paid by the date of the examination? thanks

    October 6, 2010 at 5:53 am #68962
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10591
    • ☆☆☆☆☆

    In terms of the relevant assertions relating to the receivable balance in the FS, not much attention would be paid to that debtor as, if the debt has been paid, the debt is no longer an asset. However, some work would also be done looking at the raising of invoices, debiting those to the receivables ledger, and then crediting the receivables ledger when payment is received. This work gives some assurance that the receivables ledger operations are working correctly and therefore helps to gives assurance that the receivables balances are probably OK.

    October 12, 2010 at 10:33 pm #68963
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 34
    • ☆

    Post year end payments do not give evidence of cut-off, so you still need to test for this. You also need to look at the matching of invoices to ensure that the payment relates to the year end balance and not invoices raised after the year end.

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