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Summary What output is needed in terms of the question being asked
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The summary gives an understanding of what needs to be delivered in terms of what is asked. The summary focus on substantive procedures.
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Question Output Easy Marks Things that changeIdentify the main Determine whether you N/A N/A
assertions for each SP are testing
in respect of transactions/balances.
inventory etc. (ILP 1)
- Don’t give the N/A N/A
procedures already done
Formulate the
in question.
ADDITIONAL SP with
reference to the - Always identify the
debtors. evidence source given in
question.
You sent out
conformation to the - Identify the assertion
debtors and received applicable.
reply from them
- Audit the underlying
(ILP 2) transaction
(Tech+evid+Implied
object)
- Give
Discussion/correspondenc
e
SP 2.2 - Analytical - Debtors circulation
procedures, just dot procedures
List of SP regarding
Down the 4 marks.
the Analytical - Conformations
procedures and - Give balances,
- Obtain samples
Debtors ratios, policy terms
from accounting
circularization to compare with
records and obtain
procedures. other data
relevant source
Given: Age analysis - Do horizontal and documents
vertical analysis and
- Forward sample of
compare with other
the age analysis and
data
state which debtors it
- Inspect and should include pg.
investigate 611
significant
- state which debtors
differences
should be circulated
positively and which
, negatively
- Give steps to
examine differences
- Give alternative
steps to follow up on
debtors which did not
respond.
Pg. 607
SP 2.3 - General procedures - General - Select sample of
performed on the procedures. long outstanding
- General procedures
provision for doubtful debtors.
and additional SP
debts.
with regards to the - focus on
valuation - Estimation slide collectability
(collectability) of
- Test of balance for - overstatement of
debtors balance
COLLECTABILITY on long debtors
- Info given: age outstanding balances of
- track receipts from
analysis, assumptions debtors.
after year-end to see
and provision policy,
if debtors didn’t
reason for increase in
maybe pay before
debts
year-end
-correspondence files
for disputes
-discuss collectability
with credit manager
-legal steps taken?
- contact lawyer or
debt collector to
establish progress
-examine debtors for
lump sum payers,
outstanding invoices,
payment of earlier
invoices while older
ones still outstanding,
exceed limits
-redo calc
SP 3.2 - General Analytical - General procedures - Substantive
procedures analytical procedures
- Formulate - Remember to state
additional SP relating - General procedures that balance needs - Provision for
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