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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.
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri
Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli
Statutory Audits The audits are compulsory below statute in the case of a large amount of number of undertakings involving the following as: Undert
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
audit procedure for shares or common stock
Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
what is service bureau system
IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,
Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc
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