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

September 24, 2008 by

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:

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