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  • Auditing of Substantive Cycles

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    Mandira Kollali
    9 views7 pages
    This document outlines audit procedures for fixed assets, employee remuneration, and cash and bank. For fixed assets, it describes verifying existence through physical verification, ownership through title documents, and valuation through depreciation recomputation. For employee remuneration, it describes verifying existence through identification documents and completeness through payroll and expense analysis. For cash and bank, it describes verifying existence through bank confirmations and cash counts, completeness through bank account records, and cut-off through cheque testing.

    Original Description:

    Fixed assets - assertions

    Original Title

    Auditing of Substantive Cycles -

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    This document outlines audit procedures for fixed assets, employee remuneration, and cash and bank. For fixed assets, it describes verifying existence through physical verification, ownership through title documents, and valuation through depreciation recomputation. For employee remuneration, it describes verifying existence through identification documents and completeness through payroll and expense analysis. For cash and bank, it describes verifying existence through bank confirmations and cash counts, completeness through bank account records, and cut-off through cheque testing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    9 views7 pages

    Auditing of Substantive Cycles

    Uploaded by

    Mandira Kollali
    This document outlines audit procedures for fixed assets, employee remuneration, and cash and bank. For fixed assets, it describes verifying existence through physical verification, ownership through title documents, and valuation through depreciation recomputation. For employee remuneration, it describes verifying existence through identification documents and completeness through payroll and expense analysis. For cash and bank, it describes verifying existence through bank confirmations and cash counts, completeness through bank account records, and cut-off through cheque testing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    Auditing of Substantive Cycles

    FIXED ASSETS, EMPLOYEE REMUNERATION AND CASH AND BANK

    Fixed Assets- Introductions


    Assertions to be satisfied

    Existence
    Ownership Valuation

    Procedures followed
    Existence:

    physical verification of the assets Ownership: verification of documents proving the title to the property Valuation: recomputation of the depreciation to be expensed and valuation of the gross value of fixed assets.

    Employee Remuneration- Introduction


    Assertions to be satisfied

    Existence
    Completeness

    Procedures followed
    Existence:

    Test of employee details with identification documents, appointment letters, references. Completeness: Payroll register verification, variance analysis, rationalisation of the expense, acturial valuation.

    Cash and Bank - Introduction


    Assertions to be satisfied

    Existence and occurrence


    Completeness Cut off

    Procedures followed
    Existence

    Bank confirmations, cash count and cash certificate Completeness Board minutes for all bank accounts opened/closed during the period covered under audit. BRS testing and subsequent realisation testing Cut off cheque cut off testing

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