Append below the audit steps on Other Debtors-Bills Receivable:
Other Debtors-Bills Receivable Obtain a schedule of Bills Receivable:
- Check with bills book
- Where due date has occurred since the balance sheet date, confirm that bill was duly pd
- Check the casts of the schedule
- Inspect bills held at the year end
- Obtain certificate from agents where appropriate
- 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
- Verify that no discounted bills have been dishonored since the balance sheet date
- Ascertain the contingent liability for bills discounted with recourse.
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