L13 Notes_Part_5 - with the money Erase entry in A/R master...

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© W.R. Knechel Accounts Receivable Audit Program Audit Objective Audit Procedure Existence Confirmation Shipping document Subsequent cash receipts Valuation Confirmation Review Allowance Account Change in credit policy Noncurrent experience Dun & Bradstreet Correspondence File Mechanical Accuracy Aged T/B <-->foot T/B<----->G/L ^ A/R Subsidiary Ledger Completeness Analytical Review Test of Transaction on shipments Foot A/R T/B -> G/L <- A/R Aging Rights and Obligations Problem: factored, sold or assigned Detection: minutes, bank conf., inquire with client, correspondence file
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© W.R. Knechel A/R Scams Review A/R entries, methods Account Receivable Scams Write off account of friend Write off account; later when customer pays abscond
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Unformatted text preview: with the money Erase entry in A/R master file but leave total gross. Hope nobody foots the master file. Erase entry in A/R master file reduce total A/R of master file. Hope no one compares the A/R master file balance with the A/R G/L balance. Lapping W.R. Knechel Prioritize objectives for Revenue Process A/R - Existence and Valuation SR&amp;A - Materiality Existence Authorization ship to salesmen return in January credit memo authorized? authorization of credit approval and price terms Allowance for Doubtful Accts - Validity and Authorization Sales Occurrence ex: supporting doc. monthly statement follow-up on complaints valuation SR&amp;A, SD, write-offs...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L13 Notes_Part_5 - with the money Erase entry in A/R master...

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