Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › S.P At ”Year End”
- This topic has 3 replies, 2 voices, and was last updated 3 years ago by Kim Smith.
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- January 19, 2021 at 7:57 am #607105
If We’re specifically asked in the question for Substantive procedures ”AT YEAR END” over completeness of provisions/contingent liab
Then we shouldn’t suggest ”post y/e payments tests” as this isn’t Question’s requirement?
January 19, 2021 at 8:23 am #607110You would have to cite me a question but it’s important to distinguish between procedures “at” the year-end – meaning ON the year-end date and procedures on balances “AS AT” the y/e.
For example – attendance at a physical count is generally performed exactly on the y/e date – but external confirmation procedures although based on balances “as at” the reporting date will not be carried out shortly after the y/e.
Verification of payments after the reporting date is such a fundamental procedure for the completeness assertion that I cannot imagine a question would preclude this being a point in the answer.
January 19, 2021 at 8:29 am #607112June 2010- 1 d.
S.P for inventory valuation is testing post y/e receipts and invoices means that for provisions’ completeness we can do that too!
January 19, 2021 at 8:44 am #607115Absolutely – inventory won’t be valued ON the y/e date – only counted.
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