Auditing Accounts Receivable - Part 2 - tests of controls and substantive procedures

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Missed Part 1 about the types of processes and controls you'd expect to see? Find it here
• Auditing Accounts Rece...
00:00 Welcome
00:21 Tests of common A/R internal controls
06:32 Substantive procedures for testing accounts receivable
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18 июн 2024

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Комментарии : 68

@TRIC_iancris 2 года назад

Hi Dr. Amanda! Love your series on auditing “X” figures. It really helped me understand the process clearer now, which is essential for my ACCA AA (audit and assurance) studies! I would like to ask if you could elaborate on the subsequent cash receipts testing for the AVA (accuracy, valuation, and allocation) and completeness assertions. I was a little confused on that part only…

@amandalovestoaudit 2 года назад

If you have an Acc Rec, then you can actually confirm the AVA by looking 6-8 weeks after the EOFY for payments by customers. If they pay the amount listed in AR (less any discounts), then that is really strong evidence that AR is correctly valued. Does that help clarify?

@scottkruger9809 3 года назад

These are the best audit videos on RU-vid and its not close. Thank you so much!

@marvelouss719 2 месяца назад

Awesome explanation! Thank you.

@linhnguyen-xi8zm Год назад

Love to watch all your videos:X your lectures are much more better than my professor. 100% recommend for who are taking audit class. Thank you Amanda!

@priyankajaiswal7756 2 года назад

Very well explained!! I used to watch your videos when I was preparing for Acca - AA paper , now I have cleared all papers but sometimes I come back to revise those concepts , thankyou 💗

@dennaanggita5138 3 года назад

Dear Amanda, thank you so much for the insight and knowledge. Your videos means a lot, tomorrow I will have interview at one of big4 so I watch your videos for preparation. Wish me luck and god bless you!

@hannahmamauag2297 2 года назад

Thank you for this linda!

@bilalahmed-yn1wu 3 года назад

Thanks Amanda, amazing videos. great learning.

@amandalovestoaudit 3 года назад

You’re welcome bilal 😊

@yednekfikru5902 2 года назад

Amanda love to audit....and we love to see u here making this great video

@amandalovestoaudit 2 года назад

Thank you 😊

@mercychimhuka9192 2 года назад

Very helpful thank Dr Amanda

@ShikhaSharma-dl3wb 2 года назад

This is extremely helpful, thanks!

@amandalovestoaudit 2 года назад

You’re very welcome!

@aarifahadamjee1312 3 года назад

Hi Amanda! 😁 Thank you for a great video - really helpful to me as a current accounting/ audit trainee!! Can't wait for more!

@amandalovestoaudit 3 года назад

Hi Aarifah! Fantastic! How long have you been a trainee for? Enjoy 😊

@aarifahadamjee1312 3 года назад

@@amandalovestoaudit Hi again! For just over a year and half 😁

@user-wi9lq9rk8q 4 месяца назад

you are such great lecture need online classes

@ragnadrabinowitz7629 Год назад

this video was very useful. have an interview where the job description lists accounts receivable knowledge as a must.

@77speakeasy 3 года назад

Tomorrow is my audit exam and I'm seeing all these great videos now 😅

@amandalovestoaudit 3 года назад

Hope you had a successful exam ☺️

@buredtx 3 года назад

Thank you for sharing!

@amandalovestoaudit 3 года назад

You're very welcome Ram! Hope you and the family are staying safe and well 😊

@glorynguh1247 3 года назад

Thanks for sharing this Doc

@amandalovestoaudit 3 года назад

You're welcome Glory 😁

@erintibus3629 3 года назад

This is so good. I definitely understood it. I hope you continue to do this venture, it is indeed helpful. I am from Philippines 🇵🇭 Thank you so much!

@amandalovestoaudit 3 года назад

You’re very welcome Erin! Big 👋👋 to everyone in the Philippines 🇵🇭 😊

@erintibus3629 3 года назад

@@amandalovestoaudit Can I request for a video about auditing intangible assets? If your time permits to do so. I am a fan! Thank you again.

@gulfoldman 9 месяцев назад

Hi Dr. Amanda! Love your series on auditing , why you did did not do the same for internl audit , hope you create series videos' for internal audit .thanks alot.

@trinitybanda246 3 года назад

Thank you Amanda you explain very well. Watching from Zimbabwe

@amandalovestoaudit 3 года назад

You are so welcome!

@mahlatsimakhura2948 3 года назад

Thank you for the video it's helpful

@amandalovestoaudit 3 года назад

You're welcome - thanks for watching!

@bvumayichatikobo3131 3 года назад

Thanks Doc, you are really adding me value, can't wait for more brain nuggets, i am still logged-in, game-on!!!

@amandalovestoaudit 3 года назад

Great to hear! Another video coming on Friday 😊

@escanorpride7963 3 года назад

Haaa moms vakanyanya ava, she inspire me.

@nampinashamina8261 Год назад

Thanks madam Amanda

@gervith103 3 года назад

thank you for your video. In october, I start application forstatutory auditor in my country (non-us). Could you please prepare in deph guide on how you audit fixed assets? Personally, I have the most difficulties with leasehold improvements and possibility to capitalize demolition cost when company is doing fit-out. Thank you for all your effort to upload all the videos!

@amandalovestoaudit 3 года назад

Hi Gervith - a general video on PPE is coming today. Though I am not covering leasehold improvements or capitalising demolition costs as these are a bit more advanced. I would check out this video from IFRS Box about accounting for demolition costs - www.ifrsbox.com/003-demolition-cost-ifrs/ once you understand the accounting - the auditing should be reasonably straight forward 😊

@BIBLICAL640 Год назад

Thank you very much for the wonderful class ma, God bless you. Please I want to know Account receivable is for the customer or the seller?

@beomkomap 3 месяца назад

Hi Dr Amanda. May I check whether in test of control, do we also need to come up with assertions for every audit procedure? I understand that for substantive testing (Test of details or substantive analytical procedure), we do link every audit procedure to assertion. Thank you.

@hasinarafenoarisoa7063 3 года назад

Thank you very much for your video! Could you make videos about Rolling back and Rolling forward in audit too, please?

@amandalovestoaudit 3 года назад

Hi Hasina - that is a good idea - but probably more advanced than I'm looking to make in this series. There is a video made by HAW How Audit Works on RU-vid that might be helpful in the mean time 😊. This video by the AICPA may also be useful - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-XQWyJ9Jh_Yg.html

@hasinarafenoarisoa7063 3 года назад

@@amandalovestoaudit and other advanced method in audit too, please?

@hushaanaroonslam6239 3 года назад

Hi Amanda, when we do subsequent test of receipts testing and the debtor pays less or part of the amount owing meaning that we would not know if the amount stated under that debtor is true, how would we go about verifying the accuracy, valuation, and allocation of that debtor's account? Would we do a check through the remittance advice to determine the amount owing?

@amandalovestoaudit 3 года назад

Hi Hushaan - if they pay less - we should go back to the remittance advice, monthly statement or invoice to see if there is a discount applied for early payment :) If that amount is the difference - then you could use that as evidence of the value.

@amkelengesi8114 3 года назад

thank you so much Doc is it possible for you to upload practice questions for each cycle

@amandalovestoaudit 3 года назад

Hi Amkele - at this stage I don't have any practice questions, however, in December I am taking 6 weeks holiday from work - I may develop something while I'm taking a break :)

@vinayaktrivedi8328 2 года назад

Hi Amanda...Is this part of ITACs?

@mohidumar4349 3 года назад

Hi Amanda, the cash received subsequently that isn't a cash sale or previously recorded account receivable could be both, an understated accounts receivable or an unrecorded cash sale.... Am i right?

@amandalovestoaudit 3 года назад

Hi Mohid - yes - great suggestions - they could be both of those. Though unrecorded cash sales are likely to have the cash stolen altogether.

@NAISHAACADEMY Год назад

Can I have part 1

@Nkindinkindi 2 года назад

🙌

@JC22487 3 года назад

If you make recommendations to a company about specific controls they need to implement, after an audit, how can you check that they are followed by the company?

@amandalovestoaudit 3 года назад

Hi Jasmin - the next year when you come back to do the audit again, you'd review and see if improvements were made (however, the self-review independent requirement means we cannot assist clients with making these internal control improvements)

@JC22487 3 года назад

@@amandalovestoaudit Great. Thanks for responding. I really like how you explain everything so clearly.