AUDT 371

Substantive procedures - debtors

Rights (Ownership)
- Determine whether debtors were ceded as security for liabilities by INSPECTION of:
• Bank confirmations
• Loan agreements
• Minutes of director's meetings

Existence (Not fictitious)

Debtors' circularisation (Positive and negative)
• Criteria for selection of debtors
• Debtors circularisation procedures
• Alternative procedures for non-responses
Subsequent receipts testing
CAAT'S -exception reports

Completeness
Cut-off procedures-invoices recorded in correct period

Accuracy, valuation and allocation

Gross amount
• [Review] debtors controls account- unusual items
• [Reperform] reconciliation of list of debtors with debtors' control account
• Reperform] casts of list of debtors
• [Inspect] list of debtors to identify debtors with credit balances
• [Compare] amounts included in list of debtors with amounts in debtors' ledger
Allowance for credit losses
• Standard audit procedures
• Reperform debtors' age-analysis
• ldentify risk debtors - discuss with credit manager
• Inspectíon debtors' correspondence and legal files
• Analytical procedures
• Enquire- specific aspects that will influence allowance
• Compare actual bad debt write-off to prior year allowance reasonability of allowance
Assignment Heavenly Sweets (Pty) Ltd
Accounts Receivable Age Analysis as at 31 December 2011

Date: 03 January 2012 10:55 am Heavenly Sweets (Pty) Ltd

Accounts Receivable Aged Analysis - Summary

Calculate balance as of: 31-Dec-2011

Customer number [ ] to [zzzzz]
Account set [ ] to [zzzzz]
Customer name [ ] to [zzzzzzzzzzz]
Biling cycle [ ] to [zzzzz)

Cust: Heavenly Sweets

No. Customer Name

31 to 60 61 to 90 Over 90
Current days days days Total
R R R R R
1110 Food Link Inc 2,803.34 2,803.34
1111 One Stop Wholesalers 4,421.51 4,421.51
1112 Western Wiser Wholesale 10,602.07 10,602.07
1113 Browne Mini Mart 2,302.26 2,302.26
1114 Goldman's Grocery 14,994.48 14,994.48
1115 Buono Inc. 11,031.27 11,031.27
1210 Big Farms Inc. 53,403.75 1,192.38 54,596.13
1211 Paradise Island Stores 1,571.69 3,166.93 4,738.62
1212 Cleo Corporation 78,540.42 78,540.42
1213 En Route Distributing 47,706.59 47,706.59
1214 Everyday Everywhere Distri 17,863.46 17,863.46
1215 Famous International 36,304.41 36,304.41
1216 Global Wholesalers 51,883.88 51,883.88
1217 Hung Ho Distributors 45,549.25 45,549.25
1218 La Cuisine 52,483.69 52,483.69
1219 Number One Foods 128,942.42 17,458.34 146,400.76
1220 Sombrero SunFoods Inc. 66,654.52 66,654.52
1221 Supershoppers Ltd. 2,302.23 4.467.33 6,769.56
1222 The Five Stars 142,065.05 142,065.05
1223 Superstores Inc. 48,105.91 48,105.91
1224 Wholesale 1 Foods 184,330.75 184,330.75
1225 Hola Inc. 3,982.06 3,982.06
1226 Food Source 1,413.19 1,413.19
1310 Adios Inc. 16,810.22 5,922.80 22,733.02
1311 All U Can Buy Wholesaling 67,214.03 67,214.03
1312 Bob's Distributing Co. 105,846.37 105,846.37
1313 Bulk Foods Inc. 118,365.08 118,365.08
1315 Buy More Wholesaling Co. 27,364.24 27,364.24
1316 Buying in Bulk Wholesalers 19,754.45 19,754.45
1317 By the Flat Wholesalers 11,642.68 11,642.68
1318 Calidad Wholesalers 9,201.78 9,201.78
1319 Curello & Co 86,054.19 86,054.19
1320 De Laurier Wholesale 104,338.64 5,662.93 109,961.57
1321 De Villiers & Co 112,242.63 112,242.63
1322 Di Nardi Distributing Co 21,425.72 21,425.72
1323 Enough Foods 11,964.32 11,964.32
1324 Eritrea Wholesalers 33,431.69 33,431.69
1325 Express Wholesale 13,220.26 13,220.26
1326 Fig Leaf Farms 9,015.25 4,532.67 13,547.92
1327 First Quality Inc. 3,518.30 3,518.30
1328 Flavour Link Distributors 3,807.22 3,807.22
1329 Bulk Buys Wholesalers & 243,939.04 243,939.04
Re
1331 Fresh First Wholesale 9,182.48 9,182.48
1332 Full Flavour Food Distribu 16,007.83 16,007.83
1333 Gonzales Gateway 125,898.70 125,898.70
Distribut
1334 Greenland Wholesalers 105,811.74 105,811.74
1335 Greenlife Wholesale 8,228.95 8,228.95
Compan
1336 HealthSmart Supplies 25,846.19 25,846.19
1338 International Flavors 18,000.34 18,000.34
1339 Kawaii Food Distribution 2,296.21 13,221.93 15,518.14
1340 Lavalee Foods inc. 10,380.76 10,380.76
1345 Modern Wholesale 8,886.49 3,666.96 12,553.45
1346 Morningside Wholesalers 757.83 757.83
1347 Omnivores Wholesalers - 25,300.33 (272.98) 25,027.35
1348 On the Market 16,511.09 16,511.09
Wholesalers
1349 FoodWorld Wholesalers 57,892.08 57,892.08
3330 Easy Cuisine 11,658.45 11.658.45
3331 Elegant Entertaining 2,163.77 2,200.15 4,363.92
3338 Green Gate Restaurant 5,365.97 5,365.97
3339 Healthy Diet Caterers 29.25 29.25
3340 Home Food Caterers 2,317.03 2,317.03
3341 Grocery Barn 197,702.93 163,594.48 361,297.41
3342 In an Instant Eatery 215.32 735.69 951.01
3343 In Our Hands Caterers 5,241.31 5,241.31
3344 Ingrid's Fine Catering 3,626.02 3,626.02
3345 Jessie's Catering 22.65 22.65
3346 Kitchen Help Express 291.93 2,552.96 2,844.89
3347 Last Minute Party Foods 1,598.72 1,598.72
3348 Lieber Fine Foods 1,547.69 1,547.69
3349 Lu Bakery 1,938.21 1,938.21
3350 On Fire Foods 619.81 619.81
3351 On the Go 472.89 472.89
3355 Rick & Rhonda's Catering 841.14 841.14
3356 Robins 'n Robins Wok with 583.98 583.98
3357 Samuri 361.93 1,334.12 1,696.05
3361 Crazy Pizza 147,772.28 147,772.26
3362 Sweet Success 23.69 23.69
3363 Sweet Tooth Gourmets 362.65 362.65
3364 Sweets and Things 2,162.97 2,162.97
3365 The Catering Connection 1,561.41 1,561.41
3366 The Distinguished Palate 1,337.50 1,337.50
3367 The Lunch Makers 1,295.91 800.07 2,095.98
3368 The Mountain Top 1,024.77 1,024.77
Restauran
3369 Treat Street 295.99 295.99
3370 Nima's Bakery 4,780.74 4,780.74
4041 Lush Field & Co 4,314.47 4,314.47
4042 Market Master 6,578.03 6,578.03
Distributors
4043 Mega Wholesalers 18.924.85 18,924.85
4044 Middleman Distributors 9,925.88 9,925.88
4057 Rapido Foods Inc. 7,472.87 7.472.87
4058 Right Way Foods 11,184.06 11,184.06
4059 Salt & Pepper Inc 16,964.16 16,964.16
4124 Everyday Goumet 9,480.03 9,480.03
4125 Famers Foods - (8,532.97)
4126 Flavour Factory 13,441.68 13,441.68
4127 Food Express Stop 2,332.59 2,332.59
4128 Food for Pleasure 6,673.84 11,480.13
4134 Georgies 5,597.71 5,597.71
4146 Kings Food and Drugs 1,562.14 1,562.14
4147 Kross Grocery Store 6,576.15 6,576.15
4148 Lotsa Stuff 842.01 842.01
4151 Sugarcane Fams 15,219.32 15,219.32
4153 Market Grocers 6,610.21 6,610.21
4232 Englebert's Fine Foods 1,996.57 1,996.57
4233 Entertaining Made Simple 515.09 515.09
4234 Fagiolini Fine Foods 4,724.88 5,725.09
4235 Frederick's Finger Foods 66.66 66.66
4236 Giselle's Good Foods 3,785.34 6,894.67
4237 Granny's Tea House 4,522.02 4,522.02
4252 Over the Top Caterers 2,294.27 3,933.48
4253 Party Pasteries 1,025.97 1,025.97
4254 Pasquale's Catering - 881.36
4258 Sandwich Art 365.99 365.99
4259 Savoury Treats (48.20) (48.20)
4260 Sophisticated Snacks 1,699.97 1,699.97
4042 Market Master 6,578.03 6,578.03
Distributors
4043 Mega Wholesalers 18.924.85 18,924.85
4044 Middleman Distributors 9,925.88 9,925.88
4057 Rapido Foods Inc. 7,472.87 7.472.87
4058 Right Way Foods 11,184.06 11,184.06
4059 Salt & Pepper Inc 16,964.16 16,964.16
4124 Everyday Goumet 9,480.03 9,480.03
4125 Famers Foods - (8,532.97) (8,532.97)
4126 Flavour Factory 13,441.68 13,441.68
4127 Food Express Stop 2,332.59 2,332.59
4128 Food for Pleasure 6,673.84 4,806.29 11,480.13
4134 Georgies 5,597.71 5,597.71
4146 Kings Food and Drugs 1,562.14 1,562.14
4147 Kross Grocery Store 6,576.15 6,576.15
4148 Lotsa Stuff 842.01 842.01
4151 Sugarcane Farms 15,219.32 15,219.32
4153 Market Grocers 6,610.21 6,610.21
4232 Englebert's Fine Foods 1,996.57 1,996.57
4233 Entertaining Made Simple 515.09 515.09
4234 Fagiolini Fine Foods 4,724.88 1,000.21 5,725.09
4235 Frederick's Finger Foods 66.66 66.66
4236 Giselle's Good Foods 3,785.34 3,109.33 6,894.67
4237 Granny's Tea House 4,522.02 4,522.02
4252 Over the Top Caterers 2,294.27 1,639.21 3,933.48
4253 Party Pasteries 1,025.97 1,025.97
4254 Pasquale's Catering - 1,098.21 (216.85) 881.36
4258 Sandwich Art 365.99 365.99
4259 Savoury Treats (48.20) (48.20)
4260 Sophisticated Snacks 1,699.97 1,699.97

Report total 7,013,393.01 488,720.31 235,101.73 28,330.85 7,765,545.90

90.3% 6.3% 3% 0,4%
249 Customers printed

29 Debtors > R100,000 = R4,832,000 = 62%