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AA Question Rote > Documents used for Substantive Procedures > Flashcards

Documents used for Substantive Procedures Flashcards

1
Q

Receivables? (aged)

A

Aged receivables - slow moving balances

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2
Q

Receivables? (GDN - confirm shipped)

A

Goods despatched notes - confirms goods have been shipped to customer

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3
Q

Bank loan (lain documentation amount borrowed)

A

Loan documentation to confirm amount borrowed

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4
Q

How to compare amounts?

A

Documents

Ledger accounts AND/OR bank statements

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5
Q

Bank loan (con)

A

Bank confirmation letter to confirm outstanding balance

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6
Q

Bank loan (agreement covenant details)

A

Loan agreement for covenant details

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7
Q

Additions plant and equipment (supplier invoices valuation and rights)

A

Supplier invoices used for valuation and rights & obligations

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8
Q

Additions plant and equipment (non-current reg existence)

A

Non-current asset register used to confirm existence

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9
Q

Bank balances (bank rec additions arithmetic accuracy)

A

Bank reconciliation to check additions for arithmetical accuracy

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10
Q

Compare amonuts in the bank?

A

Using a bank statement AND cash book/bank ledger

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11
Q

Bank balances (lodg)

A

Lodgments - deposits/money received by a business but not received on bank statement

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12
Q

Legal claim (corr)

A

Correspondence between third parties

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13
Q

Payables (inv)

A

Purchase invoices received - use GRN to confirm timeframe

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14
Q

Payables (Goods timeframe)

A

Goods received note - used to confirm correct timeframe

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15
Q

Legal claims (bank statements payment made)

A

Post-year-end bank statements to determine whether payments been amde

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16
Q

Revenue (ss individual comparison prior)

A

Schedule of sales - used to determine sales of individual product lines and comparison to prior years

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17
Q

Revenue (inv agree master data)

A

Sales invoices - agreed back to a price list or customer master data information

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18
Q

Revenue (Goods)

A

Goods despatched notes - compared to sales invoice to confirm cut-off

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19
Q

Revenue (credit notes removed)

A

Credit notes - if found need to be removed from revenue

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20
Q

Revenue (gross)

A

Gross profit margin

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21
Q

Inventory (instr)

A

Count instriuctiuns - used to verify accuracy of count

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22
Q

Inventory (sequentially audit tests)

A

Sequentially numbered inventory sheets - for testing final audit

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23
Q

Inventory (goods)

A

GDNs and GRNs - to confirm cut-offs

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24
Q

Share capital (legal documentation share)

A

Legal documentation and share issue

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25
Q

Land and buildings (non)

A

Non-current asset register

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26
Q

Receivables (post receipts)

A

Post-year-end receipts - used to establish the amount of debt recovered

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27
Q

Provision (breakdown correct calculation)

A

Breakdown of restructuring provision - ensure correct calculation

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28
Q

Provision (ann)

A

Announcement - confirms when announcement was

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29
Q

Provision (post payments provision reasonable)

A

Post-year-end payments - determines whether provision is reasonable

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30
Q

Bank loan (schedule loans - changes)

A

Schedule of opening and closing loans - changes during the year

31
Q

Receivables (credit allowance receivable required)

A

Post-year-end credit notes - determine whether allowance against receivables is required

32
Q

How to agree goods in transit?

A

To a pre-year-end GDN

33
Q

Receivables (iist sup)

A

List of individual suppliers - for identifying suppliers

34
Q

Going concern (cash)

A

Cash flow forecast - does company have enough cash

35
Q

Going concern (man)

A

Management plans - discussions for the future

36
Q

Going concern (sales)

A

Post-year-end sales - determine if sales will increase

37
Q

Inventory (WIP agree percentage count)

A

Breakdown WIP - agree percentage completed during count

38
Q

Inventory (cost)

A

Cost sheets - raw material costs to purchase invoices.

39
Q

Inventory (payroll)

A

Payroll records - agrees to labour costs

40
Q

Inventory (ov)

A

Overheads allocated - ensure production related

41
Q

Inventory (credit notes - write down)

A

Credit notes - determine whether write-down is required

42
Q

Inventory (aged)

A

Aged inventory reports - determine slow moving inventory

43
Q

Inventory (invoice NRV above)

A

Sales invoices - compare with cost to ensure NRV is above cost. Used to assess NRV

44
Q

Intangible (market reports - sell product)

A

Market research reports - ability to sell product once complete

45
Q

Sales tax liability (bank ledger cut-off)

A

Bank ledger account - confirms cut-off and completeness

46
Q

Sales tax liability (corr tax payments due)

A

Correspondence with tax authority - additional payments due

47
Q

Receivables (average)

A

Average receivables collection period - compare with prior years

48
Q

What are the post documents in going concern?

A

Correspondence with suppliers
Board minutes
Management accounts

49
Q

Intangible (invoice agree research development)

A

Invoice and supporting documentation - agree research costs and development capitalisation

50
Q

Depreciation (exp budgets - last asset years)

A

Asset expenditure budgets - will asset last the number of years

51
Q

Directors (liabilities confirm bonus)

A

Curernt liabilities - confirm bonus accrual

52
Q

Directors (payroll confirm bonus payments)

A

Payroll records - confirm individual bonus payments

53
Q

Receivables (confirm agreements evidence assigned security)

A

Confirmations and loan agreements - evidence receivables assigned as security

54
Q

Redundancy provision (contracts completeness provision)

A

Employee contracts - confirm completeness of redundancy provision

55
Q

Payables (credit notes no accrued)

A

Credit notes - ensure no further items accrued

56
Q

Payables (suppleir statements reconcile)

A

Supplier statements - reconcile to supplier balances

57
Q

Payables (individual supplier - goods received)

A

Individual supplier balances - identify goods received

58
Q

Audit software (accruals - completeness)

A

Accruals listing - accuracy and completeness of accruals

59
Q

Audit software (GRNs - cut-off)

A

Goods received notes - determine the cut off

60
Q

Income (subscription - amounts trace bank ledger)

A

Subscription form - confirm amounts and trace to bank ledger and bank statement

61
Q

Inventory (post sales invoice NRV)

A

Post-year-end sales invoices - determine if NRV is above cost

62
Q

Inventory (audit - inventory issues)

A

Audit files - significant inventory issues arose last year

63
Q

Rights issue (bank statements amount received)

A

Bank statements - amount received from rights issue

64
Q

Supplier statements (in-transit GRN pre-year-end accruals)

A

Invoices in transit - ise GRM to ensure pre-year-end,therefore included in year-end accruals

65
Q

Receivables (balance - documentation GDN existence)

A

Year-end receivables balances - supporting documentation and GDN to confirm existence

66
Q

Revenue (member fee compare average reasonableness)

A

Membership fee - compare to average to assess reasonableness

67
Q

When undertaking cut-off testing for purchases, which document should be used?

A

Use GRNs instead of purchase invoices

68
Q

When undertaking cut-off testing for sales, which document should be used?

A

Use GDNs instead of sales invoices

69
Q

What is reviewed for cash in transit?

A

Post-year-end bank ledger account

70
Q

What is reviewed for goods in transit?

A

Pre-year-end goods despatch notes

71
Q

What is used to assess whether NRV is above cost?

A

Post-year-end invoices

72
Q

What are purchases invoices used for in inventory?

A

Raw materials

73
Q

What are sales invoices used for in inventory?

A

Post-year-end sales to assess NRV

74
Q

What is audit software used for?

A

To perform calculations and manipulate data

AA Question Rote (29 decks)

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