Substantive Procedures for A/R" Valuation

This topic has 1 reply, 2 voices, and was last updated 11 years ago by Ken Garrett.

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September 28, 2014 at 3:04 pm #202046
yantat
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May I know when will we need to perform ” Examine credit notes issued after year-end for allowances that should be made against current period balance”?
September 28, 2014 at 7:33 pm #202068
Ken Garrett
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This should be carried out during the first few weeks after year end. The purpose of the test is to identify false sales that could be reversed by a credit note early in the next period.
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