Audit Procedures Or How to Audit/Vouch/Verify Payments For Advertisement Expenses

September 24th, 2008 Comments off
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The following are the audit steps to audit/vouch/verify the client’s advertising expenses:

Audit For Payment Of Advertisement Expenses

  1. Check that the advertisement expenses have been properly allocated whether to Capital, deferred revenue or revenue as the case may be.
  2. Examine the supporting documents to ensure that the expenses relates to the client’s business.
  3. Review and examination of the complete list of media of advertisement indicating the dates, location, timing etc., along with the amounts paid in respect of each category.
  4. Examination of the receipts of the amounts paid
  5. Reviewing the contracts with the different agencies and ensuring the billing conforms to the term and conditions specified therein
  6. Ensuring that all such outstanding expenses have been properly accounted for otherwise any material omission will results in overstatement of profits.

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Financial Accounting

 
 

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