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

challenges facing sasini company"s audited statements

Valuation - Long Term Contracts The basis of valuation should be cost plus attributable profit as benefits less foreseeable losses and progress payments both receivable and re

Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Experts as a source of Audit Evidence Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provi

The Business Risk Approach to Auditing In recent years the broader concept of business risk has been developed by the larger firms. It was the subject matter of the ICAEW audit


Audit of Current Assets Verification of Work and Stocks in Progress Authoritative documents: IAS 2/ISA 500/501 IAS 1 Preparation of financial statements requires inv

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del