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Audit of Payables
Procedures/ Controls to be followed 1. Trace receivable report 2. Investigate reconciling items 3. Test verification of invoices 4. Match invoices to dispatch log 5. Confirm receivable balance 6. Review payment receipts 7. Assess doubtful accounts 8. Review credit/ debit notes 9. Invoices and hold sales/ services/ revenue 10. Sales/ services/ revenue return 11. Related […]
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Audit of Receivables
1. Verification of invoices 2. Investigate reconciling items 3. Match invoices to dispatch log 4. Trade Receivable report
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Audit of Cash and Bank Balances
(i) Segregation of duties relating to authorization of transactions, handling of cash/ issuance of cheques and writing of books of account, and rotation of the duties periodically; (ii) Proper authorization of cash and banking transactions; (iii) Daily recording of cash transactions; (iv) Safeguards such as restrictive crossing of cheques, use of pre-printed, pre-numbered forms; (v) […]
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Specific sector: Hospitals
Audits of hospitals are to be done considering these points in mind. (i) Verify the register of patients (ii) Collection of cash (iii) Income from investment, rent, etc. (iv) Legacies and Donations (v) Reconciliation of subscriptions (vi) Authorization and sanctions (vii) Grant (viii) Tax Deducted at Source (ix) Budgets (x) Internal Check (xi) Depreciation (xii) […]