Auditing Accounts Receivable - Part 1 - Processes and controls

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Is there a process or control over accounts receivable I've missed that you have seen in practice? I'd love for you to share it in the comments :)
00:00 Welcome
01:00 Accounts receivable processes
06:30 Common internal controls over accounts receivable
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Опубликовано:

19 июн 2024

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Комментарии : 61

@lindacambrose 4 дня назад

Best tutorial so far

@justforrfunnn Год назад

Currently going through this whole series. Thank you in all you do!!

@MrWillman66 2 года назад

I love this so much! Thank you, Amanda, you're the best 🙏

@CIE903 2 года назад

I love your videos! Thank you for your time and willingness to help student’s understand audit.

@shoaibkamran7417 2 года назад

I love the way you teach the concept. I am studying for my US CPA exam and i am able to understand things which you share. I can totally relate to it. It's simple and clean. Glad that I found your channel. Please continue to share more videos for different topics.

@richardbernal4119 2 месяца назад

I love this; it was very helpful if you're starting a business and if you really want to take a job as an AR specialist. Thank you so much for this kind of content.

@DanMaiko 6 месяцев назад

An eye-opener and quite refreshing. Audit 101

@umavijayan5969 3 года назад

I love your sessions Amanda. Your videos are becoming a good reference material to refresh our knowledge and explore more based on your views.

@amandalovestoaudit 3 года назад

That is great to hear Uma!

@tebogobuthelezi1642 3 года назад

I'm kinda glad there's more content these days.

@amandalovestoaudit 3 года назад

Thanks Tebogo ☺️

@kolithaprabhashwara3920 4 месяца назад

Thank you Dr.Amanda 👍

@adedokunmodupe_co Год назад

Great work. Thanks

@sundayidaka8212 Год назад

You did a well articulated analysis for " Account Receivables".

@jinentzou5557 3 года назад

Indeed from me too many thanks great help to clear out since I am student of ACCA here in London

@amandalovestoaudit 3 года назад

Thank you Jin - hope you are safe and well in London ☺️

@hannahmamauag2297 2 года назад

Thank you for this!

@NZelalem96 2 года назад

God bless you for these videos

@bvumayichatikobo3131 3 года назад

Thanks, Doc, i am still logged-in!!

@vivianno363 3 года назад

You are amazing, clear, and detail hw simple in the meantime

@amandalovestoaudit 3 года назад

Thank you so much for these kind words Vivian ☺️🙏❤️

@simonealmanza1284 3 года назад

I love your teaching style! I wish you taught all 4 sections of the CPA! I have understood Audit so much more from your videos. I am in the US so we use GAAP of course but there are a lot of similarities in the concepts. I am so glad I found your channel.

@amandalovestoaudit 3 года назад

Thank you so much Simone! Maybe one day the US will join the international standards fold!

@ijohn7600 3 года назад

Thanks for the video, very helpful.

@amandalovestoaudit 3 года назад

You're welcome - thanks for watching :)

@mohidumar4349 3 года назад

I just like your video even before watching because it's Amanda White the expert...she must have made perfect content.... Respect from Pakistan.. :))))

@billyslater3073 Год назад

Thanks. I feel like I'm in an Accounting class. 💯❤️👏

@teegihui714 3 года назад

Hi amanda!I love what your are doing, really helps me in understanding better. Could you do auditing for Inventory as well? The process, test of controls and substantive testing!

@amandalovestoaudit 3 года назад

Thanks Tee! Here is an old video for inventory but a new one is coming soon! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WBApFsZ6Bo4.html

@funnyclips4045 3 года назад

Thank you from Europe!!

@amandalovestoaudit 3 года назад

Thanks for learning with us ☺️

@kelenivuataki3498 Год назад

Love from Fiji 🇫🇯🇫🇯

@Nkindinkindi 2 года назад

Thanks a million 👏

@amandalovestoaudit 2 года назад

You're welcome!

@valentinmichev4646 3 года назад

Very useful, thank you so much! Would you be able to do a similar video for payables? I have an audit exam very soon and would love to watch such a video on payables :)

@amandalovestoaudit 3 года назад

Hi Valentin - it's on the list :) Thanks for watching :)

@real-news 3 года назад

Hi Amanda, i am a Collection specialist and in next few days i will be having an important interview with position of collections manager. i have been doing AR for over 12 years but interviews can be tricky. i need few tips to get this job :) this job is a life changer for me and my family.

@amandalovestoaudit 3 года назад

Hi! Be yourself, answer honestly and make your thinking visible by working through any questions/problems/scenarios out loud. Good luck!

@needtorename6425 Год назад

If you could show a sample documents (originally how it looks like) ... that would be great

@serratiaroopnarian4199 3 года назад

Thanks so much for this video Amanda !! Could I please request a video .. I don’t understand the audit process .. so what exactly is understanding of the entity and once that occurs do we then look for risks of misstatements and when do we do risk assessment procedures and choose our audit approach I don’t understand which happens first and prior to doing procedures and completion .. thanks so much in advance 💕

@amandalovestoaudit 3 года назад

Hi Serratia - this is a great idea ☺️. In the mean time - please check out my study guide - it follows the process of the audit in sequence. amandalovestoaudit.com/learning-resources/audit-study-guide/ Hopefully it helps in the mean time while I add this to the list ☺️

@AAA-pd4dg 3 года назад

You are amazing, I am really a big fan. Dr. Amanda I have question. What universities offer a PhD in behavioral auditing?

@amandalovestoaudit 3 года назад

Hi - what country are you looking to study in? Send me a message via Insta or FB and we can chat further :)

@isaiasplascencia 2 года назад

Is there an actual name for the report that is given to the CFO or comptroller? Thank you!

@amandalovestoaudit 2 года назад

Hi Isaias - it is typically called a Management Letter 😊

@JC22487 3 года назад

Are these audit processes also applicable for non-profit organizations?

@amandalovestoaudit 3 года назад

Hi Jasmin - absolutely 😊

@malakileisam8827 3 года назад

What is the initial starting point for auditing accounts Receivable?

@amandalovestoaudit 3 года назад

It is usually by starting with a list of the A/R balances and also chatting with your team member auditing sales to find out if they identified anything unusual. Always understand your client before anything else ☺️

@lloydsimbeye5191 3 года назад

i would want to know audit procedures of accrual

@amandalovestoaudit 3 года назад

Hi lloyd - to audit accruals, since they are year end only - you could easily select a sample and vouch to supporting documentation.

@mariagstorm9244 2 года назад

👍👍👍👍👍

@amandalovestoaudit 2 года назад

Any time!

@BG_36 Год назад

i want to know if you could change your name to Audie Wright to give us reasonable assurance as to how much you love auditing correctly

@leonzarlee5756 3 года назад

For the scenario of discount, I don’t think we should recognize the income like that much. A contract liability should be recorded?

@amandalovestoaudit 3 года назад

Hi Leonzar - that’s an interesting thought - do you have an IFRS or AASB paragraph reference? In reading AASB15 (similar to IFRS15) - that’s not how I interpreted it - A/R should be recorded net of any discounts we anticipate - but that is not reliably calculated when it is dependent on when the debtor pays. However I’m not a standards expert ☺️ and am happy to be corrected!

@kel0326 3 года назад

@@amandalovestoaudit Hi Amanda! Agreed - just to add on, the updated IFRS 15 states that “Where a contract contains elements of variable consideration, the entity should estimate the amount of variable consideration to which it will be entitled under the contract. ” (par. 50) Hence, we would need to assess the probability of customer utilising the early settlement discount, and adjust accordingly if the customer followed/did not follow our expectation.

@EricHempler 3 года назад

In North American I'm going to start using q for Cheque, just to mess with people

@amandalovestoaudit 3 года назад

😂😂😂

@amandalovestoaudit 3 года назад

And do folks in North America still use paper cheques/checks? They've pretty much disappeared from use here in Australia - some banks have cancelled the service offering. Direct deposit only

@bvumayichatikobo3131 3 года назад

Thanks, Doc, i am still logged-in!!