Audit Procedures Or How To Audit/Verify Other Debtors-Bills Receivable

Append below the audit steps on Other Debtors-Bills Receivable: 

 Other Debtors-Bills Receivable Obtain a schedule of Bills Receivable:

  1. Check with bills book
  2. Where due date has occurred since the balance sheet date, confirm that bill was duly pd
  3. Check the casts of the schedule
  4. Inspect bills held at the year end
  5. Obtain certificate from agents where appropriate
  6. For bills still outstanding at the time of the audit, make a note for them to be looked at on the next audit. Confirm collectability
  7. Verify that no discounted bills have been dishonored since the balance sheet date
  8. Ascertain the contingent liability for bills discounted with recourse.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.