Sundry debtors and loans, Auditing

Sundry Debtors and Loans

Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans.  We shall consider two kinds of sundry loans and debtors:

a) Dealings along with others other than directors: The confirmation work will include:

i. Determining and testing, evaluating the systems of internal control.  Exactly attention is to be paid to authorization.

ii. Getting a schedule of the debtors and testing it for completeness and accuracy.

iii. Getting certificates direct from the debtors concerned.

iv. Review of agreements and ensuring about the terms are being followed.

v. The debt may be secured whether case, the security is consideration and examined given to its value and reliability.

vi. The loan may be guaranteed, whether case the status of the guarantor must be examined.

vii. Where loans have been created to employees, they generally become bad whether the employee leaves before repayment is completed. Provisions for bad debts must be reviewed for adequacy.

Posted Date: 1/28/2013 12:38:03 AM | Location : United States







Related Discussions:- Sundry debtors and loans, Assignment Help, Ask Question on Sundry debtors and loans, Get Answer, Expert's Help, Sundry debtors and loans Discussions

Write discussion on Sundry debtors and loans
Your posts are moderated
Related Questions

Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a)  To retired employees to administer the pension payable

Auditor's Duty - Audit Process The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valu

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

methods of determining break even point

two advantages of an Audit to the shaire holders

Please assist me with these assignments The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is n

Standard Defines Development and Research The standard defines development and research as follows: (a) Research - planned and original investigation undertaken along with

Audit Procedures -Research and Development The auditor should ensure that: a) Any costs incurred in the buy of fixed assets in order to give facilities for development and

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro