Audit Procedures or How To Audit/Verify Other Debtors-Prepayments/Prepaid Expenses

September 24th, 2008 Comments off
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Append below the audit steps on Other Debtors-Prepayments/Prepaid expenses:- 

 Other Debtors-Prepayments 

Obtain a schedule of Other Debtors for Prepayments Or Prepaid Expense:

  1. Test with available documentation
  2. Check computation to ensure proper matching of cost into the relevant period ( matching concept)
  3. Compare with previous year and obtain explanations of material variations

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