Other Audit Procedures (2)

Question 1

Receivables review monies audit client (Rights and obligations)

Answer 1

Review monies received post year-end for evidence of balance owed being paid to audit client, therefore confirming that debt was due to them

Question 2

Receivables direct confirmation customer’s outstanding balance (Rights and obligations)

Answer 2

Inspect responses from direct confirmation for evidence of the customer’s name and address to verify that the customer has confirmed that outstanding balance is duet to audit client

Question 3

Receivables balances year-end sales invoices goods (Rights and obligations)

Answer 3

For a sample of balances due at year-end vouch outstanding balance back to sales invoices and GDNs to verify goods were delivered and that amount due to audit client

Question 4

Receivables balances owed direct confirmation documentation (Existence)?

Answer 4

For a sample of balances owed at year end, carry out direct confirmation of receivables, investigate any balances which do not agree and vouch explanations to supporting documentation

Question 5

Receivables monies year-emd (Existence)?

Answer 5

Review monies received post year-end to confirm that balance existed at year-end

Question 6

Receivables monies year-emd (correspondence)?

Answer 6

Inspect customer correspondence/complaints files to identify any concerns over existence of receivables