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Vid:11 - Procedures (Audit Techniques), (Good Reliability), Same key…
Vid:11 - Procedures (Audit Techniques)
Focus on statement of financial position but statement of profit or loss also tested via directional testing
Bank + Cash
Back confirmation letter
Bank reconciliation
Non Current Asset
Valuation
Intangible
IAS 38
Completeness
Existence
Rights / Obligation
Tangible
Existing: Inspection, Condition, Revalued
Additions: Invoice, Capital Revenue, Title Deed
Disposals: Contract, Invoice, Proft/Loss
Depreciation: Recalculated, Profit/Loss Disposal
Inventory
Year end inventory count
Before
Locations
Staff
Timing
Procedures
During
Observe
Non-warehouse staff
Inventory marked once counted
Teams of 2
No movement
Physically inspect
After
Trace item count to final list
Cast
Purchase invoice
Receivables
Sales ledger control account: list of balance
Sample to documentation
Cast the receivables
GDN: Goods delivery notes
Receivables circulations
Payables
Purchase ledger control account = PL list
Reconcile supplier statements
Cast the payables list
Sample of goods receipts before year end - Track the payables
Trade payables circulations
Provisions
Board minutes
Lawyers reports
Inspect supporting documentation
Post year end bank account
Share Capital
Dividends
Bank Stataments
Board minutes
Directors remuneration
Contract
Board minutes
Bank stataments
Agree to shareholder agreement, share register
Statement of Profit/Loss
(Good Reliability)
Same key assertions
Valuation and Existence
IAS 37