audit help

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gingervicki
gingervicki Registered Posts: 87 Regular contributor ⭐
Hi im doing a past paper and need some help - how do i check for completeness, validity and existance

they are not seperatley listed in the index and am not sure where to start

Thanks

Vicki

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  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    What audit area is this? Non current assets/inventory/payables/receivables?

    Regards
    Steve
  • gingervicki
    gingervicki Registered Posts: 87 Regular contributor ⭐
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    sales, purchases and stock

    im looking for a way to remeber what to do.... i know it seems a bit vague

    i have a theory an am not sure if its right.

    Completeness is checking everything has been recorded in the right place

    validity is checking that they are owned or controlled by the business

    existence is checking that the items are actually there


    is that right??

    vicki
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    Hi,

    I wrote an article about auditing which covers the assertions which might help you in your studies.

    If you have any questions about it when you have read it, just give me a shout.

    Best wishes
    Steve
  • gingervicki
    gingervicki Registered Posts: 87 Regular contributor ⭐
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    Brilliant that was such an informative article and i have now added the ste to my facebook

    So i wasnt far off then, i just need to relate those thoughts more to the part i am looking at

    Vicki
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    Thanks Vicki. I am pleased you found it helpful!

    Best wishes
    Steve
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