4. Prepare reports and file documentation as required through completion of the following actions: a. Prepare reports that document the accounts receivable, debt recovery type and cause, and debt recovery plan, and distribute these to the supervisors, managers, and other designated parties b. File the documentation and reports according to organisational policy and procedures. Document or provide the policy/procedures used for file storage. Create an Aged Receivables Detail report that aligns with the bad debts ageing as per your Collections Policy and submit it with this assessment
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- Which control activity is the entity implementing when credit and debt memorandums are prenumbered and accounted for on a daily basis. Select one a. Independent checks on performance b. Physical control over assets and records c. Adequate documents and records d. Proper authorization of transactions and activitiesAn audit trail enables a person to trace a source document to its ultimate effect on the financial statements or work back from amounts in the financial statements to source documents. Describe in detail the audit trail for the following: a. Purchases of inventoryb. Sales of inventoryc. Employee payroll1. An auditor most likely would review an entity’s periodic accounting for the numerical sequence of shipping documents and invoices to support management’s financial statement assertion of a. Valuation b. Completeness c. Existence and occurrence d. Rights and obligations
- Explain how management assertions, general balance-relatedaudit objectives, and specific balance-related audit objectives are developed for anaccount balance such as accounts receivable.Providing timely information about transactions in sufficient detail to permit proper classification and financial reporting is an example of a. the control environment. b. risk assessment. c. information and communication. d. monitoring.Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.
- An auditor reviews aged accounts receivable to assess likelihood of collection to support management’s assertion about account balances of: Select one: a. rights and obligations b. existence. c. valuation and allocation d. completenessWhich of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paidAudit tests include tests of controls and substantive procedures. Substantive procedures can be divided into substantive analytical procedures, tests of balances, tests of transactions and tests of disclosures.Required:For each test in the table below, select the type of audit test it represents. 1.Examine the financial report to determine whether all related party loans are properly presented2.Recalculate depreciation figure3.Trace sales recorded in the sales journal to shipping documents4.Examine sales invoices for initials to indicate that prices and extensions have been checked5.Check the cost of closing inventory to subsequent sales prices6.Confirm loan balances with financial institutions
- 6) Examine the cash receipts journal in the accounting system and compare the amounts received to the corresponding amounts invoiced in the revenue accounting system and to the bank statement evidencing the deposit. This is an example of which of the following? A) audit objective B) audit assertion C) audit procedure D) audit programManagement Assertions and Audit Objectives. The following are management assertions (1 through 9) and audit objectives applied to the audit of accounts payable ((a) through (h)). Management Assertion: 1 Existence 2 Rights and obligations 3 Occurrence 4 Completeness 5 Valuation and allocation 6 Accuracy 7 Cutoff 8 Classification 9 Understandibility Specific Audit Objective: (a) Existing accounts payable are included in the accounts payable balance on the balance sheet date. (b) Accounts payable are recorded in the proper account. (c) Acquisition transactions in the acquisition and payment cycle are recorded in the proper period. (d) Accounts payable representing the accounts payable balance on the balance sheet date agree with related subsidiary ledger amounts, and the total is correctly added and agrees with the general ledger. (e) Accounts in the acquisition and payment cycle are properly disclosed according to IASs. (f) Accounts payable representing the…Discuss the meaning of the following terms and how they apply to auditing accounts receivable: a. tie-in b. completeness c. existence d. accuracy e. rights f. realizable value g. cutoff h. classification Please provide references.