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Substantive Procedures R&R Cycle (General Detailed Substantive (OPB =…
Substantive Procedures R&R Cycle
Analytical Procedures
Create expect of balances
Find diff actual & expect; Inv significant diffs
Doc BCs
General Detailed Substantive
OPB = Last yr CLB
GL tot = TB tot
P&D test
Test C&C
Review unusual entries
Specific Man Rep letter confirming assertions
Analytical
Income / Sales
Primay risk = Overstatement
Comp - Inspect DLN for sig; Vouch - INV-DLN; INV - SJ; Numeric list DLN - INV
Occ - Vouch SJ - INV - DLN; DLN singed
Trace CNs - GL/SJ; Inspect CN for auth & acc
Acc - Recalc inv; Trace INV - DLN; Price - PLst
Cut - Trace DLNs - SJ; Vouch SJ - DLNs date
P&D - IFRS compliance
Receivables
Prim risk = Overstatement
Exist/ROs - Debtors circularisation
No answer - Trace BS amts - DL
No pmt Vouch DLNs - DL
Valuation: Verify balances across records; Recalc bals; recal interest & disc
Comp: Mtch lst yr Dbt list to this yr - investigate diff
P&Ds = IFRS comp
Allowance for Bad Debt
Debtors age analysis - Recal and Reperform
Enquire for: BD pol & hist; Pmt hist; Pmt for long debt; Basis of calc and assumptions
Inspect pmts for long debt
Attorney correspondence
Month DAA for growing debt
Recalculate
Analytical procedures
Assess reasonability of BD