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What substantive procedures should be carried out for purchases? I.e purchases cut off. What are the procedures that should be used for system controls I.e trade receiavbles, payables, sales, cash?
RECEIVABLE ::
The main concern is valuation.
Procedures:
-circularisation
-inspect cash book to confirm cash receipts after the year end
-review ageing of receivable: enqire of management about old balances
-review correspondence with customers in dispute
agree balances to ledgersPAYABLE
The key is completence
-Reconciliation of supplier statements
– review invoices before and after the year end for cut-off
-Confirmation
– analytical procedures
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