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  • 7A Investments

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    Crest Tine
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    This document outlines substantive audit procedures for investments, including inspecting securities, confirming holdings with third parties, applying analytical procedures, examining documents related to purchases and sales, reconciling records to ledgers, recalculating interest and verifying dividends, and reviewing financial statements for proper classification and disclosure of investments under PFRS. The procedures are aimed at assessing existence, completeness, rights and obligations, valuation, and presentation of investments.

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    7A-Investments

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    This document outlines substantive audit procedures for investments, including inspecting securities, confirming holdings with third parties, applying analytical procedures, examining documents related to purchases and sales, reconciling records to ledgers, recalculating interest and verifying dividends, and reviewing financial statements for proper classification and disclosure of investments under PFRS. The procedures are aimed at assessing existence, completeness, rights and obligations, valuation, and presentation of investments.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    10 views1 page

    7A Investments

    Uploaded by

    Crest Tine
    This document outlines substantive audit procedures for investments, including inspecting securities, confirming holdings with third parties, applying analytical procedures, examining documents related to purchases and sales, reconciling records to ledgers, recalculating interest and verifying dividends, and reviewing financial statements for proper classification and disclosure of investments under PFRS. The procedures are aimed at assessing existence, completeness, rights and obligations, valuation, and presentation of investments.

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    © All Rights Reserved
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    of 1

    INVESTMENTS

    ASSERTIONS Substantive Audit Procedures

    1. Inspect securities on hand and trace to list.


    Existence/
    Occurrence 2. Confirm securities held by others.

    Recorded investments and investment


    income exist.

    Completeness 3. Apply analytical procedures.

    All investments and investment income are


    recorded.

    Rights 4. Examine supporting brokers’ advices and paid checks for


    investments acquired during the period.
    & obligations
    5. Examine remittance advices for dividends, interest, and disposals
    Investments and investment income are of investments.
    owned by the entity.

    Valuation/ 6. Reconcile the investment list to the subsidiary ledger and general
    ledger account.
    Measurement
    7. Recalculate interest revenue and verify dividend income be
    Investments are valued in accordance with reference to published reports of dividends.
    PFRS and Investments and investment
    income are mathematically accurate.

    8. Review the FS and perform analytical procedures to determine


    Presentation whether accounts are classified and disclosed in accordance with
    & disclosure PFRS.

    Investments and investment income are


    presented in accordance with PFRS.

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