analytical procedure Archives

Examine supporting documents for cash disbursements after year end to determine whether they should be included in the year-end list of accounts payable.

Posted on February 12, 2023 by Assessments

The following are various audit procedures performed in the audit of the acquisition and payment cycle and accounts payable: 1. Foot the acquisitions journal for the month of August and trace postings to general ledger and accounts payable master file. 2. Determine that the amount of purchases from major customers is properly disclosed in the […]

Examine loan agreements for key information such as interest rate, payment schedules, collateral, and restrictive covenants to determine whether management has properly included required disclosures in the footnotes to the financial statements.

Posted on February 11, 2023 by Assessments

The following are audit procedures from different transaction cycles: 1. Examine sales invoices for evidence of internal verification of prices, quantities, and extensions. 2. Select items from the client’s perpetual inventory records and examine the items in the company’s warehouse. 3. Use audit software to foot and cross-foot the cash disbursements journal and trace the […]

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Examine supporting documents for cash disbursements after year end to determine whether they should be included in the year-end list of accounts payable.

Examine loan agreements for key information such as interest rate, payment schedules, collateral, and restrictive covenants to determine whether management has properly included required disclosures in the footnotes to the financial statements.