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Audit Steps for Accountants

This procedure summarizes the accounts receivable ledger by unique identifying fields and reconciles the totals to the general ledger. It obtains the receivables trial balance, tests the summarization and reconciliation of the total to the general ledger, and traces any significant reconciling items to supporting documents. The purpose is to summarize the detailed accounts receivable ledger and compute subtotals for appropriate amount fields.

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247 views2 pages

Audit Steps for Accountants

This procedure summarizes the accounts receivable ledger by unique identifying fields and reconciles the totals to the general ledger. It obtains the receivables trial balance, tests the summarization and reconciliation of the total to the general ledger, and traces any significant reconciling items to supporting documents. The purpose is to summarize the detailed accounts receivable ledger and compute subtotals for appropriate amount fields.

Uploaded by

wellawalalasith
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Audit Procedure Obtain the receivables trial balance (age analysis).

Test the summarization


Description and the reconciliation of the total to the general ledger. Trace significant
reconciling items, if any, to supporting documents
Test Description The purpose of this procedure is to summarize the detailed accounts
receivable ledger by a unique identifying field and compute subtotals for
appropriate amount fields
Preview

ACL Step by Step 1. To generate a total for Accounts Receivable from a raw invoice file
(Assuming invoice amount is called AMOUNT):
• Click on Analyze / Statistical / Statistics
• Click to select the field AMOUNT
• Click [OK].
• You can easily tie the "total" to the G/L Account Balance
2. If there is a unique identifying field, such as "Region", or "Transaction
Type", you can use the Classify command to generate totals by unique
identifying field (For example, total A/R by region):
• Click on Analyze / Classify
• Under "Classify on" select the "unique identifying field" e.g., REGION
• Under "Subtotal fields" click to select the field representing "Invoice
Amount"
• Click [OK]
• The Classify command will provide a list of all regions with respective totals
• The output from the Classify command can be copied from the LOG and
pasted into an Excel worksheet
• Repeat this process for each unique identifying field
Relevant Assertions Completeness

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