Beruflich Dokumente
Kultur Dokumente
Audit Objectives
To ascertain liabilities and equity exist. (Existence) To ascertain liabilities are owed by the Company and equity are at stated value as of the balance sheet date. (Cut-off) Accounts are fairly presented. (Presentation) Liabilities and equity are duly supported and liens are duly noted. (Completeness and Accuracy) Liabilities and equity are recorded at actual or accrued value. (Valuation)
Current liabilities
Accounts payable Accrued expenses Other liabilities Income taxes payable Loans Other liabilities
Noncurrent liabilities
Equity accounts
Documents needed
Aged AP Listing Summary of subsequent payments made Confirmation of material balances Test of subsequent payments Cut-off testing of payables, vouchers Test of unrecorded liabilities Recomputation and analysis of:
Audit procedures
Movement of balances
Documents needed
Aged AR listing Summary of collections Confirmation of selected material AR balances Test collection of receivables Test of sales invoices Recomputation and analysis of:
Audit procedures
Documents needed
Listing of inventories based on classification Inventory count summary and reconciliation Inventory count observation Test on receipts and costing of goods Test on releases Recomputation and analysis of:
Audit procedures
Allowance provision and net realizable value Turn-over and days outstanding of inventories Movement of balances
Documents needed
Listing of prepayments and other current assets Amortization schedules Recomputation and analysis of:
Audit procedures
Auditing Loans
Documents needed
Listing of investments Summary of dividends/equity earnings (losses) received and FS of investees Test of documents Market value and impairment testing Recomputation and analysis of:
Audit procedures
Movement of balances
Documents needed
Lapsing schedule Schedule of additions and disposals Inspection PPE additions and documents for disposals Impairment testing Recomputation and analysis of:
Audit procedures
Documents needed
Listing of prepayments and other current assets Amortization schedules Recomputation and analysis of:
Audit procedures
Documents needed
Listing of prepayments and other current assets Amortization schedules Recomputation and analysis of:
Audit procedures
Documents needed
Listing of prepayments and other current assets Amortization schedules Recomputation and analysis of:
Audit procedures