Substantive Flashcards

Question

Trade payables?

Answer 1

Period compare agree payables accruals prior GRNs payables balance supplier statement circularisation reconciling Review post-year-end payments and follow through to trade paaybles balance P548 journal misstatement payment run

Answer 2

Schedule cast confirm agree revalued included NCA Recalculate adjustment surplus title deeds owned disclosure IAS 16 competency valuer

Answer 3

board finance bank received recalculate split FSs disclosures reporting

Answer 4

cash in transit Invoice GRN receipt Further adjusting

Answer 5

unpresented written balance per rec obtain account cast additions

Answer 6

non follow-up telephone request detailed testing cash transit post goods transit pre list suppliers rec error credit notes pre year

Answer 7

Correspondence likelihood management adjustment bank payment customer

Answer 8

Consent advance List receivables end cast sample receivables old credit Circ letter letterhead year balance

Answer 9

board title sold third agree balance customer original

Answer 10

cast listing confirm accurate extract sample items verify NRV calculate inventory holding software compare prior aged inventory analysis identify items

Answer 11

after-date aged allowance

Answer 12

Agree balances trade Review list credit payables

Answer 13

correspondence dispute after receipts slow aged receivables status controllers recalculate compare board minutes singificant

Answer 14

TCWG other frauds internal controls up frauds supporting doc total materialtiy Employee details same

Answer 15

breakdown agree NCA register Recalculate disposal TB Disclosure compliance IAS 16

Answer 16

breakdown held cast damaged rectified sold invoices NRV Discuss managent if goods written

Answer 17

operating profit compare Review monthly purchases fluc management changes key listing Recalc accruals year SPL payment bank ledger account GRNs purchase accounting

Answer 18

cast payroll TB proof in total actual compare total payroll recalculate holiday records select employee HR payroll Agree acc reconciliation

Answer 19

compare accrual prior year reperform calc employee agree payment post ledger review disclosure accrual

Answer 20

Compare payroll budget monthly charge management proof compare wages

Answer 21

recalculate accrual payment post bank complete review disclosure tax

Answer 22

condition PPE schedule NBV NCA Discuss man disclose non event

Answer 23

Document counts Existence checks Range checks One for one checking

Answer 24

prior discuss completion WIP during count assess level review variance standard actual cast schedule WIP TB

Answer 25

Occurrence Completeness Accuracy Cut-off Classification Presentation

Answer 26

Existence Rights and obligations Completeness Accuracy & valuation Classification Presentation

Answer 27

orders recorded customers poor credit sales discounts correct limit overdue receivables timely

Answer 28

order details correct goods ordered received liability recorded payables arithemtic accuracy of invoices

Answer 29

Valid receipts banked Recorded bank ledger Receipts recorded period Safeguarded theft

Answer 30

Enquire management Observe activitry (sparingly) Test data Inspect document done to achieve check What auditors do

Answer 31

Properly described Clearly address deficiency Practical What managers would do

Answer 32

Areas higher assessed ROMM Singificant auditor judgement relating to areas in FSs which were related to significant management judgment Effect on audit significant events WHAT THE ISSUE IS - describe issue WHY THE ISSUE IS A KAM - refer to intro on KAM HOW ISSUE WAS ADDRESSED - audit procedures