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
Keymaster

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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