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Revenue

This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.

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February 18, 2019 at 3:13 pm #505631
vavneetb
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Describe the substatintive procedure the auditor should perform to confirm the revenue of Tinkerbell’s?
I have mentioned:
-Compare the Revenue of current year with the targeted revenue and investigate if there is any significant differences, Discuss with the management.
-Obtain the list of receivables and review with the revenue figure to confirm the accuracy.
Can these points be in an answer, they havent mentioned these two points.
February 18, 2019 at 4:23 pm #505641
Kim Smith
Keymaster
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“target” and “budget” are one and the same – so this is the first point in the published answer
There is no comparison to be made between the list of receivables and revenue since each closing receivable balance = opening receivable + revenue – cash
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