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Substantive procedures (Receivables)

This topic has 2 replies, 3 voices, and was last updated 8 years ago by Hassan.

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December 29, 2017 at 8:59 am #426701
gangsta1
Member
- Topics: 75
- Replies: 10
Sir kindly confirm if this is the way to write substantive procedures in the exam.
Receivable audit.
Assertion: completeness
Audit Procedure
I will agree the total of the aged analysis listing with the total on the sales ledger control account to confirm the completeness of receivables.
December 29, 2017 at 9:39 am #426708
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10649
You could shorten and save time by setting it out as simply:
I will agree the total of the aged analysis listing with the total on the sales ledger control account to confirm the completeness of receivables.
I will inspect the aged receivables analysis for long-outstanding receivables to assess the valuation of receivables.
etc
Ie include the assertion in the procedure.
January 9, 2018 at 9:32 pm #428117
Hassan
Member
- Topics: 0
- Replies: 1
Sir i have a question, as we are given specific procedure to apply( a e i o u) when is it appropriate to use “review” as audit procedure or its similar to “inspection”. Thanks
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