Socialism “Socialists make the mistake of confusing individual worth with success. They believe you cannot allow people to succeed in case those who fail.

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Presentation transcript:

Socialism “Socialists make the mistake of confusing individual worth with success. They believe you cannot allow people to succeed in case those who fail feel worthless”. --Kenneth Baker (b. 1934), British Conservative politician. Quoted in: Observer (London, 13 July 1986).

Substantive Audit Testing Revenue Cycle

Substantive Testing  Reconcile Trial Balances & Lead Schedules w/Subsidiary Ledgers  Perform Analytic Procedures & Other Substantive Tests  Assess Risk & Materiality  Make Recommendations to Adjust Accounts

Substantive Testing  Timing –Balances at B/S date –Transactions may be earlier  Cost/benefit analysis  Analytic Procedures

Substantive Testing : Objectives  Existence & Occurrence  Completeness  Rights & Obligations  Valuation & Allocation  Presentation & Disclosure

Substantive Testing : Evidence  Physical  Confirmation  Documentary  Mathematical  Analytical  Hearsay

Substantive Testing : Procedures  Observe  Examine  Count  Confirm  Analyze  Vouch  Inquire  Inspect  Calculate  Recalculate  Trace  Compare  Reconcile

Substantive Testing: Revenue Cycle  Sales & Accounts Receivable –Objectives occurrence, completeness, existence, valuation –Evidence & Procedures sales cut-off A/R confirmation (Pos/Neg:p.446-7) A/R aging analysis (p.450-1)

Substantive Testing: Revenue Cycle  Cash Receipts & Cash Balances –Objectives completeness, existence, presentation & disclosure –Evidence & Procedures bank confirmation (p. 453),cut-off statement bank reconciliation (p. 454), proof of cash (p. 456) cash receipts cutoff, lapping, kiting, float, interbank transfers (p. 457)

Substantive Testing: Warning Signs  Inflated/Fictitious Sales  Inflated/Fictitious A/R  Early Revenue Recognition  Inadequate Reserves