1) RESEARCH AND DEVELOPMENT done

a) Obtain a schedule of costs included within intangible assets, cast it and agree to the
related figures in the trial balance, the general ledger and the financial statements
b) Discuss with management the date from which costs have been capitalised and assess
whether this is based on the project meeting all the criteria
c) Review a breakdown of the nature of the costs capitalised to identify if any research
costs have been capitalised as part of the asset. If so, then request management to
remove such expenses and include it within the profit or loss statement
d) Review the market research reports to assess whether there actually is a market for the
product and probable economic benefits will arise from the asset
e) Review feasibility reports at the date capitalisation commenced and discuss with
directors their view that the project was technically feasible at that date
f) Discuss with finance director the rationale for the useful life being applied, consider
its reasonableness and agree to supporting documentation
g) For costs expensed, agree to invoices and supporting documentation and to inclusion
in the statement of profit and loss
h) For costs capitalised, agree that they meet all development criteria and agree costs to
invoices and supporting documentation and confirm technical feasibility by
discussions with management or review of feasibility reports
i) Recalculate amortisation charge from the date commercial production started to the
end of the accounting period
j) Review disclosures related to intangible assets included in the financial statements to
confirm that they are in accordance with IAS 38

2) DIRECTOR’S BONUS- subs done

a. Obtain a schedule of the bonus payments and cast it to ensure its accuracy. Agree it to
the amount disclosed in the financial statements.
b. Review schedule of current liabilities to ensure that bonus accrued is included as a
year-end liability
c. Obtain a schedule of individual bonus payments and verify with the post year-end
payroll records
d. Reperform the calculations for bonus payments and agree to supporting
documentation and the percentage rates to be paid in the director’s service contracts.
e. Compare the amount of each bonus paid to the post year end bank and cash book
statements
f. Review board minutes to identify whether any additional payments to any directors
have been agreed to in the year
g. Compare bonus paid to board minutes and contracts to ensure amounts included in the
current year fin statements are fully accrued and disclosed.
h. Obtain a written representation from management confirming the completeness of
director’s remuneration including bonus made
 i. Review disclosures made in the financial statements to ensure adequacy and assess
compliance with local legislation.

3) REDUNDANCY COSTS- subs done

a. Review the board minutes for evidence of the decision to discontinue the operation
b. Review supporting documentation for evidence that the decision was communicated
to employees prior to the year end
c. Obtain the details of the redundancy costs calculated by employees cast it and agree to
the figures in the trial balance or financial statements
d. Re-perform the calculation of redundancy provision to ensure completeness and agree
elements of costs to supporting documentation
e. Obtain written representation from management to confirm the completeness of the
costs
f. Review the disclosure made in the financial statements to confirm that they are in
respect of IAS 37 Provisions, Contingent Liabilities and Contingent Assets

4) FAULTY INVENTORY - subs done

a. Obtain a breakdown of damaged goods in inventory and the returned goods from the
customer and cast them to ensure accuracy
b. From the breakdown, agree the damaged goods quantities manufactured since the
beginning of the year with the production records; and agree to sales records the
quantities sold
c. Discuss with management the future plant for this product- whether they are able to
make any rectification and sell the inventory on. If so, any rectification costs must be
agreed to supporting documentation.
d. If the damaged goods are sold post year end, agree to the sale invoices to assess NRV
in line with the new cost of the product.
e. On a sample basis, agree the returned goods per the breakdown back to the sales
return documentation to confirm the existence of the returned quantities.
f. Agree the cost of the damaged good to supporting documentation to confirm labour
cost, material cost or any overheads directly attributable to the product cost
g. Discuss with management if the inventories have been written down. If so, follow
through the write down to the inventory valuation to confirm.

5) REVENUE - subs
a. Compare the overall level of revenue with the prior years and the budget for the year
and investigate any significant fluctuations.
 b. Obtain a schedule of the revenue broken down into major product categories and
compare it to the prior year and discuss any significant movements with management.
c. Select a sample of sales invoices and agree them to the price list of the product or
master customer information to ensure the accuracy of invoices
d. Calculate the gross profit margins for the year and compare it previous years and
discuss any significant movements
e. For a sample of invoices, recalculate the total including any discounts or sales taxes
f. Select a sample of sales invoices, trace to the subsequent credit notes to ensure that the
sale has been correctly removed from revenue
g. Select a sample of customer orders, agree it to the goods dispatched notes and sales
invoices through to inclusion in the sales day books and revenue general ledger
accounts in the correct accounting period to ensure that cut-off has been correctly
applied. (b) discuss the rationale behind not
increasing/decreasing any provision
with the finance director and assess the
6) VALUATION OF TRADE RECEIVABLES - subs reasonableness
a. Obtain a breakdown of the opening allowance and check the amount of balances that
have been received during the year to assess the reasonableness of the prior allowance
b. Discuss the rationale for any provision with the finance director/behind not
increasing/decreasing it and assess the reasonableness
c. Review the receivables ledger to identify any slow moving/old receivables and discuss
with the credit controller the status of these and the possibility of irrecoverability-
accuracy valuation and allocation
d. Review any cash receipts post-date for any old/slow moving receivables
e. Review correspondence with major credit customers or others to assess the likelihood
of repayment or to assess any dispute over the receipt of the balance
f. Review board meeting to identify if there are any existing concerns about the
recoverability of balances from customers
g. Calculate the overall level of potentially irrecoverable receivables and assess if it is a
material balance or not and discuss with management.

COMPLETENESS pending
● Select a sample of goods just sold before the year end and agree to sale invoices and
to inclusion in the receivables balance
● Agree the totals per the receivables ledger and control accounts total and to the trial
balance
● Review the receivables ledger to identify any credit balances and discuss with
management if they should be reclassified as payables

RIGHTS AND OBLIGATIONS pending

● Review board minutes to establish if the legal title for any receivables balances have
been sold like to factor
 ● Review loan documentation and bank confirmation to establish if any receivables
balances has been provided as a security on a loan

When a customer declares bankruptcy pending

a. Review customer correspondence to identify if the payment has been discussed and if
they intend to settle the liability
b. Review post year end cash receipts to assess how much of the debt has been paid and
how much is outstanding
c. Review board minutes to assess if there are any significant concerns towards the
payment
d. Assess the reasonableness of the provision provided by management
e. Discuss with credit controller the age of the outstanding and whether an allowance is
required
Exceptions noted pending
● No response
○ Send a follow up request with client’s permission
○ Follow up with a call requesting to send a written confirmation
○ Follow alternative procedures to confirm the balance. Detailed testing of
balance by reviewing after date cash receipts for the balance and
agreeing to sales invoices and GDN
● Difference in balance
○ Ascertain whether due to mispostings or timing differences
○ CIN- agree details to post year end cash receipts
○ GIN- agree details to a pre year end GDN
○ Review receivables ledgers to identify any possible mispostings

● Credit balance
○ Discuss the reason with finance director or credit controller
○ Determine whether customer is supplier too and a purchase invoice
has been incorrectly posted
○ If difference is due to a credit note then this should be agreed to pre-year
credit notes dispatched around the year end date
○ Review receivables ledger to identify any possible mispostings

7) DISPOSAL OF PPE- subs

a) Obtain a schedule of disposals made in the year cast it to ensure accuracy and
completeness and review the non current register to ensure that these balances have
been removed
 b) Recalculate the profit/loss on disposal on a sample of items and agree it to the figures
in the trial balance or the financial statements
c) Select a sample of items and agree the sale proceeds to supporting documentation
such as sundry sales invoices etc
d) Review the disclosures made in the financial statements with respect to the disposal
and ensure that they are in compliance with IAS 16 Plant, property and equipment
e) Recalculate the depreciation charge for asset disposal and ensure that they are in
accordance with the company’s policy. E.G pro-rata with time or full charge in the
year of acquisition and none in the year of disposal.

8) PERPETUAL INVENTORY SYSTEM- subs inventory purchased or sold is immediately

recorded
a) Attend at least one of the counts to ensure that the controls put in place are adequate
b) Confirm that the count for all inventory linea have been undertaken or due to be
undertaken at least once a year by reviewing schedules
c) Review the adjustments made to the inventory on a monthly basis to gain an
understanding of the level of differences arising on a month by month basis
d) Discuss with management the controls in place to ensure that the year end inventory is
not misstated. If significant differences arise on a consistent basis then this could
indicate that inventory records are not being adequately maintained.
e) Consider attending the year end inventory records to undertake test counts of
inventory from floor to records or records to floor to ensure the existence and
completeness of inventory

9) ACCRUAL FOR EMPLOYMENT TAX PAYABLE

a) Compare the year end employment tax accrual with the prior year and investigate any
significant differences
b) Reperform the calculations of the accrued tax for a sample of the employees to
confirm accuracy
c) Compare the amount paid to the post year end cash book and bank statements
d) Review any disclosures made to ensure that they are in compliance with the relevant
accounting standards and legislations
e) Inspect correspondence with tax authorities to identify if any other payments are
outstanding. If so, confirm that they are included in the year end accrual to confirm
completeness
f) Agree the year end accrual tax payable with the payroll records to confirm accuracy.
g) Undertake a proof in the total test for the employment tax accrual by multiplying the
total of the payroll cost with the tax rate and compare this expected amount with the
actual one and compare differences.
10) PURCHASES AND OTHER EXPENSES
a) Calculate gross profit and operating profit margins and compare them with prev years
and budgets and investigate any significant differences
b) Review the monthly expenses and purchases and discuss any significant fluctuations
with management
c) Recalculate the totals for a sample of the invoices including tax payable and discounts
to ensure that expenses have been included in the correct nominal code to confirm
accuracy.
d) Recalculate the prepayments and accruals charged in the year end to confirm the
accuracy of the expenses charged to the statement of profit and loss
e) Discuss with management if any key suppliers have been changed during the year end
compare these changes to the PDB to ensure completeness and accuracy. PDB - purchases day book
f) Review any post-year expense invoices and ensure that any expenses related to the cy
have been included in the statements
g) Select a sample of Goods Received Notes and agree them to the purchase invoices and
the PDB to ensure completeness and accuracy
h) Review expense invoices from just after and before the year end to ensure that
expenses have been classified in the correct accounting period
i) Select a sample of payments from the CB and trace to expense account to ensure that
they have been included and classified correctly.

11) PAYROLL EXPENSE- subs

a) Cast the payroll expense for a sample of employees in the payroll records to confirm
completeness and accuracy and agree the total wages and salaries expense to the
figure in the tb
b) Recalculate the gross and net pay figures for a sample of employees and agree to the
payroll records
c) Calculate overtime worked as a percentage of the overall payroll expense, compare it
to the prev year and discuss significant differences with the management
d) For a sample of payments, agree the net pay in the payroll records to the bank transfer
listing in the cash book
e) Compare the total payroll figure this year with the prior year and discuss any
significant differences with management
f) Compare and review the monthly payroll expenses with the prior years and budgets,
identify any significant differences and discuss these with the management
g) Recalculate the statutory deductions for a sample of employees to ensure that the
deductions for the period have been accurately calculated
h) For a sample of individual expenses, agree the expense to personnel file and clocked
in hours
i) For a sample of joiners/leavers review the start/end date dn agree to supporting
documentation, recalculate first/last salary to confirm accuracy
 j) Recalculate the holiday pay for a sample of employees agreeing to holiday records
and the daily rate applied
k) Agree a sample of employee's payroll expense as per HR records with those in the
payroll system to confirm the accuracy of the payroll records.
12) BANK AND CASH
a) Obtain the bank reconciliation and check additions to ensure arithmetical accuracy
b) Obtain a bank confirmation letter for all accounts
c) Agree the bank statements for the current a/c to an original year end bank statement
and the bank confirmation letter
d) Agree the reconciliations balances per the cash book to the year-end cash book
e) Trace all unpresented cheques to the pre-year end cash book and post-year end bank
statement. For any unusual amounts or significant delays, obtain explanations from
management
f) Agree all balances listed on the bank confirmation letter with the entity’s
reconciliation or the trial balance to ensure accuracy and completeness
g) For savings account, review for any reconciling items per the reconciliation statement
and agree to supporting documentation
h) Review bank statement and cash book for any unusual items or large transfers around
the year end to identify evidence of window dressing
i) For material cash balances, count the cash balance at the year end and agree to
supporting documentation
j) Review the fs to ensure that disclosures in relation to cash and bank balances are
complete and accurate

13) INVENTORY COUNT

Before
● Review the prior year audit files to assess if there were any warehouses with significant
exception notes last year
● Discuss with management- new warehouses, exceptions noted
● Assess which ones to attend based on materiality and risk
● Review inventory count instructions, review for control deficiencies, report
 During
a) Observe the staff to ensure that they are following the inventory count instructions
b) Perform test counts for a sample of inventory agreeing inventory sheets to the
inventory aisle and aisle to inventory.
c) Observe the procedures for movement of inventory in and out the warehouse to ensure
that no raw material or finished goods are counted twice
d) Obtain photocopies of the completed sequentially numbered inventory sheets for
follow up testing during the final audit
e) Identify any inventory belonging to third parties to ensure that these have been
correctly excluded from the count and inventory is not overstated
f) Observe the valuation techniques for finished goods, raw materials and wip, and re
perform them to whatever possible extent and assess their reasonableness
g) Ensure that any damaged goods have been correctly excluded from the count and the
level of damage has been properly recorded for any write downs to NRV or scrap
value.
h) Identify and make a not of the last GRN and GDN on the year end to perform cut-off
testing.

14) ADDITIONS TO PPE- 438

a) Obtain a breakdown of the assets added during the year and cast them and compare to
the NCA register to ensure accuracy
b) Agree a sample of assets from the breakdown to the supplier invoices to confirm
valuation
c) Verify rights and obligation by agreeing the addition of PPE to a supplier invoice in
the entity’s name
d) Physically inspect a sample of the new additions made during the year to confirm
existence
e) Obtain a breakdown of the costs included in the NCA register for the year and ensure
that only costs related to capital expenditure has been included and not for repairs and
maintenance.

15) REVALUATION OF PPE

a) Obtain a schedule of all ppe cast it and agree to the figures in the trial balance
b) Assess the competence of the valuer through enquiry of their qualification,
membership of a professional body and and the experience of doing valuation work
c) Review assumptions and methods adopted by the valuer to assess their reasonableness
and their compliance with IAS 16
d) Obtain a schedule of the revalued PPE and agree to the valuation statement provided
by the valuer and the figures in the financial statements
 e) Agree the PPE on the NCA register to the valuation report to ensure the completeness
of the PPE valued to ensure that all assets in the same category have been revalued in
line with IAS 16
f) Recalculate the depreciation charge to ensure that the pro rate adjustments for the dep
charge before the valuation and after has been properly included
g) Review the disclosures made in respect of the revalued PPE to ensure that they are in
compliance with IAS 16

16) INCOME- NPO

a) Obtain a schedule of all the entity’s income during the year, cast it and compare to the
figures included in the trial balance to ensure accuracy and completeness
b) Review a breakdown of the major income sources and compare them to previous
years to identify and investigate any significant differences
c) Discuss with management the procedures in place to ensure that advance sales is
excluded from the cy income and recognised as deferred income in the sofp
d) For a sample of advance sales, agree that the transaction has been excluded from the
current year sales and follow through to inclusion in the deferred income
e) Calculate the sundry sales, compare to prior years and investigate any significant
differences.
f) For a sample of monthly donations, trace the amount of donations received in the cash
book to the bank statements.
g) For a sample of monthly donations, agree the sign up documentation to the bank
statements the cash book and income listing to ensure completeness and accuracy
h) For a sample of new donors in the year, agree their monthly donations and start date
from their completed forms to the donations received account and the cash and bank
statements.

17) VALUATION OF INVENTORY

a) Obtain the inventory listing, cast it and compare the figure to inventory records to
ensure completeness and accuracy
b) For a sample of finished goods/wip items, obtain cost sheets and agree
i) Raw material costs to purchase invoices
ii) Labour costs to time sheets
iii) Overheads allocated to invoices and that they are of production nature
c) Review a sample of post date invoices to assess sales prices if the NRV is above cost
or a write down or an allowance is required.
 d) Obtain a breakdown of the inventory listing and agree a sample of WIP assessed
during the count to the WIP schedule and ensure the percentage completion is as
recorded during the inventory count.
e) Review aged inventory reports to identify any slow moving goods and discuss with
management why these have not been written down or an allowance is required.
f) Review any disclosures made in the draft fs to ascertain that they are in line with IAS
2 Inventories
g) Review sales to assess if price of the product has gone down due to falling demand
h) Ensure that standard cost multiplied by the units is the same figure as shown in
inventory records
i) Obtain a breakdown of the cost per unit of the product and discuss with management
how the standard cost was derived
j) Ensure that the product quantity held as shown in the fs is the same as in the inventory
records.
k) Compare actual sales per month to the budgeted sale per month before and after the
year end to assess how much actual sales vary from the budgeted records
l) Review the post year end sales invoices for a sample of products included in the
inventory to assess the sales price and to determine if the NRV is above cost or a write
down is required

18) LEGAL CLAIM

a) Review customer correspondence to establish the details and amounts of the claim
b) Review correspondence with the legal team or contact them with client’s permission
to establish the likely outcome of the claims
c) Review board minutes to understand the circumstances of the contamination and the
board’s assessment of the likely outcome of the claims legal requirement to clean up
d) Compare the level of claims with the sales volume of the product to assess the
potential future level of claims
e) Review the level of post year end payments for damage settlements and compared to
the amounts provided to assess the reasonableness of the provision
f) Obtain written representations from management that there have been no other
contamination incidents that they are aware of for which a provision is required
g) Review the draft fin statements to establish that the legal claims have been adequately
provided for or disclosed in accordance with IAS 37 provisions, contingent liabilities,
and contingent assets.
19) RESTRUCTURING PROVISIONS
a) Obtain a breakdown of the restructuring provision to ensure that costs have been
correctly included and agree to the total in the trial balance
b) Review board minutes to establish that the decision to restructure was taken and that
it was during the year
c) Review the announcements made to the shareholders and the employees to ensure that
it was made before the year end
d) Obtain a breakdown of the costs included within the provision to ensure that only
direct expenditure related to the restructure has been included
e) Ensure that staff retraining cost haven’t been included in the provision
f) Review post year end payments invoices related to expenditure and compare them
with the amounts provided to assess the reasonableness of the provision
g) Review and assess the adequacy of the disclosures made in respect to the provision in
the draft statements with respect to IAS 37 Provisions, Contingent liabilities and
contingent assets
h) Obtain written representation from management confirming management discussion
in regards to the restructure and the completeness of the provision provided

20) BANK LOANS

a) Obtain a schedule of the opening and closing balances of loans detailing any new
loans taken out during the year, Cast the schedule to confirm accuracy and agree the
figures to the draft fin statements and trial balance
b) Agree the opening balance to the previous year audit files and financial statements
c) For the new loan taken, agree the amount of proceeds per the loan agreement to the
cash book and bank statements
d) For the new loan taken, confirm the amount borrowed, the interest rate applicable and
the repayment terms per the loan agreement
e) Agree the repayment installations with the cash book and bank statements
f) Review correspondence with the bank to ascertain if any penalties have been imposed
and if so ensure that they have been charged to the sopl as finance costs
g) Review all loan agreements to identify any covenants and recalculate covenants to
identify any potential or actual breaches
h) Review the disclosure of non current liabilities in the draft fin statements including
any security provided and assess compliance with relevant accounting standards and
legislation . Recalculate the split between current and non current liabilities
i) Obtain direct confirmation from the loan provider at the year end of the outstanding
balances and any securities provided. Agree the confirmed amounts to the loans
schedule.
21) POTENTIAL BREACH OF REGULATIONS
a) Review correspondence with the transport authority to establish the details of the
claims and the amount of penalties to be imposed
b) Review correspondence with the legal team or contact them with client’s permission
to establish their assessment of the likelihood of the breach being proven
c) Review board minutes to establish their assessment and the amount of fines likely to
be imposed
d) Inspect post year cash book and bank statements to identify of any payments for fines
have been made
e) Obtain a written representation from management to the effect that there are no other
instances of breaches or non compliance that they are aware of that would require a
provision or disclosure in the fs
f) Review client policies in place to ensure non compliance and assess their
reasonableness to determine how likely and frequently the breach may have occurred

22) GOING CONCERN

a) Review the cash flow forecast to establish the cash inflows and outflows of the
company and assess the reasonableness of assumptions and discuss findings with
managements to understand if the company will have sufficient cash
b) Obtain a written representation from management that the firm is a going concern
c) Consider if going concern is an appropriate basis for the preparation of the financial
statements
d) Enquire of the legal teams, with client's permission about the existence of any
litigations and the likely outcome of theses
e) Review correspondence with suppliers to establish if any more suppliers have refused
to trade with the company and if any are threatening legal action
f) Review correspondence with bank to assess the likelihood of the renewal of the
overdraft facility
g) Review management plans for the future including any contingency plans for securing
further finance and assess their feasibility
h) Review post year end sales to assess if the firm’s trading is likely to improve in the
future and assess the reasonableness of the revenue figure used in the cash flow
forecast.
i) Review bank agreements to identify any covenants in place especially in relation to
the overdraft facility and if any breach has taken place
j) Perform sensitivity analysis on the cash flow forecast to understand the safety margin
of the net cash inflows and outflows.
k) Review management accounts to assess if they are in line with the cash flow forecast
l) Consider whether any additional disclosures regarding the material uncertainties in
relation to the going concern is required in accordance with IAS 1 Presentation of
Financial Statements
23) SALES TAX LIABILITY
a) Agree the quarterly sales tax charged equates 15% of the sales in the previous quarter
per the sales day book
b) Recalculate the sales tax as sales tax charged less any sales tax incurred
c) Agree the post year end cash book and bank statements to any subsequent payments
for the tax to confirm completeness and ensure that payments made were in line with
the terms of the tax authority
d) Review any disclosures made in relation to the sales tax liability to confirm that they
are in accordance with the relevant standards and legislation and ensure that is shown
as a year end current liability
e) Compare the year end sales tax liability with the prior year’s and the budgets and
identify and investigate any significant differences
f) Review correspondence with sales tax authority to establish any other outstanding
amounts due and if so ensure that these have been included as a year end liability
24) DEPRECIATION
a) Discuss with management the rationale for the depreciation rates, residual value and
useful lives being applied and what methods were used to arrive at these estimates and
assess their reasonableness
b) Select a sample of assets included in the PPE register and recalculate the depreciation
charges to confirm that costs have been correctly included
c) Review the recent sales of NCA in the year and recalculate the profit/loss on disposal
to assess the reasonableness of the depreciation policy being applied
d) Review the disclosures made in the draft fin statements in regards to the depreciation
policy to ensure that they are in compliance with IAS 16 and relevant local legislation
e) Obtain a breakdown of the depreciation charge by asset categories and compare it to
prev year. Where significant changes have occurred, discuss with management and
assess their reasonableness
f) Review capital expenditure plans for the next few years to assess that the useful lives
being applied is in correspondence of management’s plan of replacement of the
relevant asset categories

25) TRADE PAYABLES AND ACCRUALS

a) Compare the total payables and the list of accruals to the prior year and investigate
any significant differences
b) Calculate the trade payables payment period and compare it to previous years to
identify and investigate any significant differences.
c) Obtain supplier statement and reconcile to the payables ledger balances and
investigate any reconciling items
 d) Select a sample of post year end payments and if they relate to the current year, follow
through to inclusion in the payables ledger to ensure that they have been recorded in
the correct accounting period
e) Select a sample of post date invoices and credit notes to ensure that no further accurls
need to be included
f) Undertake payable balance circularisation for a sample of balances and follow up for
any non replies and reconciling items.
g) Enquire of management their process to identify goods received but not invoiced or
logged into the payables ledgers and assess its effectiveness to confirm completeness
of payables balance
h) Select a sample of GRN before the year end and after the year end and follow through
to inclusion in the trade payables ledger to ensure correct cut-off.

26) BANK RECONCILIATION

a) Obtain bank reconciliation and cast to ensure arithmetical accuracy
b) Agree bank balance as per reconciliation to an original year end bank statement and
bank confirmation letter
c) Agree cash balance as per reconciliation on an year end bank statement
d) Review old unpresented cheques to assess if they need to be written back to payables
as they are no longer presentable.
e) Trace all outstanding lodgements to a pre year end cash book post year end bank
statement and paying in book pre year end.
f) Trace all unpresented cheques to a pre year end cash book post year end bank
statement. For any unusual amounts or significant delays, discuss with management

27) SUPPLIER STATEMENT RECONCILIATION

a) Select a representative sample of year end balances per supplier statements and agree
them to payables ledger. If they agree, there need not be any further procedures.
b) If the difference is due to invoices in transit, confirm from the GRN whether it was pre
year end. If so, agree that it has been included in year end accruals
c) If the difference is due to cash in transit, confirm from the cash book and bank
statements to assess if payment was pre year end
d) Discuss any further items with payable ledger supervisor to discuss the nature of the
reconciling items and it has been accounted for.
28)RIGHTS ISSUE
a) Review board minutes to ascertain the amount of finance decided to be raised through
rights issue
b) Recalculate the proceeds by multiplying
c) Inspect bank statements to confirm proceeds receipt
d) Review disclosure compliance
e) Recalculate split and agree