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Name
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Prepared
by: |
File
ref: |
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Year end: |
Reviewed by: |
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Subject: Debtors’ Recoverability |
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Objective |
To ensure that debtors are recoverable. |
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Method |
Select a sample of balances from the aged analysis. Agree the closing balance to year end statements if available. Note reconciling items, and ensure correctly treated. Pick one invoice and one receipt, agree to supporting documentation and ensure correctly treated. Review credit notes delivered after the year end, and ensure they have been recorded in the correct period. Review post year end receipts, noting what percentage of debt has been recovered. Note reasons for any outstanding balances at the year end date. Extrapolate sample of potentially unrecoverable debt and compare to bad debt provision. Agree total closing aged creditors to the trial balance and accounts. |
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Result |
Page ref: Comments: |
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Conclusion |
According to the audit work performed, the objective has been met/has not been met. Problems recorded: |
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©Lynnix (UK) Ltd 19 Oct
2007