receiable audit
This query is : Resolved
10 November 2009
Anybody have guidelines to conduct receivable audit of Limited company
10 November 2009
10 DEBTORS
1 Has balance at year end been tallied with control account?
2 Obtain list of debts due for more than:
6 months Rs.
12 months Rs.
24 months Rs.
36 months Rs.
3 Have subsequent payments been marked?
4 Whether reasons for non recovery/adjustment was obtained from the management and taken on record?
What are the steps taken by the management for recovery of old outstanding?
5 a) Have debts been segregated as:
i) Good
ii) Doubtful
iii) Bad
b) Have debts been segregated on the basis of secured or unsecured?
c) Is the security in case of secured debts adequate?
d) Have you checked the value and physical possession of security?
6 a) Whether provision has been made for doubtful and bad debts in accordance generally accepted accounting
practice which the enterprise has followed consistently?
b) Where no provision has been made, has a note been placed in accounts?
c) Have you considered whether such non-provision will affect the true and fair view?
7 Have you obtained a statement from the client explaining the manner of legal action taken for debts that
have become bad? Append a note explaining status of each of the debts?
8 If confirmation called:
i) date of balances confirmed
ii) number of confirmations called for
iii) number of confirmations received
iv) value of confirmations sent
v) value of confirmations received
vi) total outstanding on date of confirmation
9 What action has been taken where balance confirmed does not tally with books of account? Scrutinise
unconfirmed accounts especially if they are old.
10 Have considered placing a Note on accounts in case confirmations are not called for?
11 Are there any receivable amounts due from Directors etc. Disclosure as per Schedule VI
1 Has balance at year end been tallied with control account?
2 Obtain list of debts due for more than:
6 months Rs.
12 months Rs.
24 months Rs.
36 months Rs.
3 Have subsequent payments been marked?
4 Whether reasons for non recovery/adjustment was obtained from the management and taken on record?
What are the steps taken by the management for recovery of old outstanding?
5 a) Have debts been segregated as:
i) Good
ii) Doubtful
iii) Bad
b) Have debts been segregated on the basis of secured or unsecured?
c) Is the security in case of secured debts adequate?
d) Have you checked the value and physical possession of security?
6 a) Whether provision has been made for doubtful and bad debts in accordance generally accepted accounting
practice which the enterprise has followed consistently?
b) Where no provision has been made, has a note been placed in accounts?
c) Have you considered whether such non-provision will affect the true and fair view?
7 Have you obtained a statement from the client explaining the manner of legal action taken for debts that
have become bad? Append a note explaining status of each of the debts?
8 If confirmation called:
i) date of balances confirmed
ii) number of confirmations called for
iii) number of confirmations received
iv) value of confirmations sent
v) value of confirmations received
vi) total outstanding on date of confirmation
9 What action has been taken where balance confirmed does not tally with books of account? Scrutinise
unconfirmed accounts especially if they are old.
10 Have considered placing a Note on accounts in case confirmations are not called for?
11 Are there any receivable amounts due from Directors etc. Disclosure as per Schedule VI
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