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tests completeness, but how?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › tests completeness, but how?

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • July 25, 2021 at 7:09 am #629346
    Jiya024
    Member
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    “Agree the subsequent payment to the post year?end cash book and bank statements to confirm completeness.”

    ma’am i don’t understand how any post-yr end payment for a pre-yr end accrual ensures completeness?? I mean if a company does not pay, say income tax accrual post-yr end, then company will be fined. But that is not a responsibility of the auditor in any way, its a business risk.

    July 25, 2021 at 11:33 am #629368
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6783
    • ☆☆☆☆☆

    If you see a $10k payment on 3rd January 20X1 (say) either it is settling a liability as at 31 December 20X0) OR it is a 20X1 expense. If it’s a 20X0 expense and not in liabilities/accruals, liabilities/accruals are not complete – and will require correction (if material).

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