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Philippine Standards On Auditing

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16 views16 pages

Philippine Standards On Auditing

Uploaded by

Anna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Philippine Standards on Auditing

2. Basic Principles of Internal Control (Auditing Theory)

3. Audit Working Papers

4. Accounting Policies, Changes in Accounting Estimates and Errors

5. Cash vs Accrual Basis

a. Adjustment from Cash to Accrual FS

b. Computation of Sales, Purchases, Income and Expenses

6. Substantive Tests of Cash and Cash Equivalent

a. Working Papers (Count Sheets, Recon, CIB, Proof of Cash)

b. Supporting and Cash Lead Schedules / Cut-off Examination

7. Substantive Tests of Receivable and Loan Receivable

a. AR/NR Schedules at Balance Sheet

b. Schedule of Confirmation Request and Replies

c. Aging Schedule

d. AFDA

e. Transaction and cut-off information


Audit Receivables

Audit Procedures – AR

1. Trace receivable report to general ledger


2. Calculate the receivable report total
3. Investigate reconciling items
4. Test invoices listed in receivable report.
5. Match invoices to shipping log
6. Confirm accounts receivable
7. Review cash receipts
8. Assess the allowance for doubtful accounts.
9. Assess bad debt write-offs
10. Review credit memos
11. Assess bill and hold sales
12. Review receiving log
13. Related party receivables
14. Trend analysis

The auditor should ordinarily perform the following cutoff procedures:

1. Obtain cutoff information such as numbers on last shipping documents, invoices, credit memos
and cash receipts, for a period on or before the cutoff date and check whether this was recorded
in the proper accounting period;

2. Review the summaries of activity for the month before and after year end;

3. Inspect a sample of transactions from the activity listing before and after cutoff date and related
supporting documentation to ensure that the transactions were recorded in the proper
accounting period

4. Compare the receivables cutoff with cutoffs in related areas, e.g. sales and cash

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