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ACCT6006 Contemporary Issues In Accounting Theory

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Question:

The auditor’s objective in testing a client’s bank reconciliations is to substantiate that the balance confirmed with the bank agrees with the client’s cash accounting records. Differences are caused by deposits in transit, outstanding cheques and other reconciling items. The auditor’s objective is to obtain reasonable assurance that reconciling items are authentic, complete and treated accurately. Therefore, the substantiation of the client’s bank reconciliations is aimed at the audit objectives related to existence and completeness of cash at bank.

Adequate provision for doubtful debts means that accounts receivable in the balance sheet is valued at the correct amount, the amount that is expected to be received. The following audit procedures may be performed to determine the adequacy of the provision for doubtful debts.

  1. Review of aged trial balance to identify overdue debts.
  2. Discuss with the credit manager the follow-up procedures undertaken by the audit client.
  3. Review of subsequent receipts for evidence as to whether debts have been subsequently paid.
  4. Review of correspondence between the audit client and debtors.

In order to substantiate additions to property, plant and equipment, an auditor mainly uses a combination of vouching (inspecting supporting documentation, such as invoices), physical examination (touring the plant and sighting assets) and substantive analytical procedures.

The following sets out the key audit assertions, followed by a procedure that could be used to address each assertion.

Accounts payable and purchases Completeness:

  • Examine any unmatched receiving reports and ensure appropriate accruals have been made.
  • Examine cash payments after balance date and unpaid invoice files to ensure there are no unrecorded liabilities in relation to accounts payable. Accuracy, valuation and allocation/accuracy:
  • Examine reconciliation of accounts payable statements, ensuring any reconciling items are appropriately accounted for. Ensure any claims for credit as a result of the returns are appropriately supported and that all such claims have been included.
  • Select a sample of accounts receivable and trace amounts to subsequent receipts. Any amounts not paid should be traced to invoices and delivery dockets.
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