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Rov audit form
so how do we learn how to develop procedures we need to practice so I've got this template here we've got the account name the firm type and you can pick a primary production for a manufacturer retail service or a wholesaler we pick an account and then we look at testing the assertions and different options that might come into play so let's pick a company and I'll pick something that's fairly well known all right so I've picked coca-cola or coca-cola amitiel Limited we know that they are a manufacturing firm and let's use the inventory account alright so we know that inventory we're going to be worried about existence valuation completeness rights and obligations allocation and then also presentation and disclosure of that inventory within of financial statements so here down the side I've got a list of potential procedures we can inspect things we can observe we can recalculate and we can do an analytical procedure inquiries of personnel confirmation tracing or vouching now of course to look at the difference between tracing and vouching you can check out our other YouTube video but our inspection I'm just going to modify this we can inspect physical accurate assets or we can inspect documents so we use a combination of these and see what's appropriate in each so let's look at the existence of inventory I want to prove that infantry really is there the inventory that's in the accounting records is really on the floor so we might use our inspection of physical assets so that could be something like a stock take alright so we take a sample of infantry items from the inventory records and check that there is stock in the warehouse so I could do the stuff take myself I could also observe client stuff doing the stock tank well I kind of used recalculation recalculations not really going to help me prove that inventory exists I might use a rough analytical procedure based on management accounting information so I could compare raw material usage versus our actual production all right we know that our opening balance plus purchases of raw materials or materials used should give us our closing balance and we can compare the raw materials used to how much it says there should be produced see if that makes sense right we could talk to personnel about any discrepancies we might find we can't really confirm here so confirm is not going to be a problem possible test but when we're doing our existence we're going to be vouching so our stock take is actually a form of vouching where I start with the accounting record or my inventory record and I match it back to my actual infantry so these are the ones we don't use so as you can see here there are a couple of different options on how we might calculate evidence on existence so let's look at valuation it's not just accuracy we look at valuation because we know we're a manufacturing firm it's our value is our direct materials plus our direct labor plus our overhead so it's going to be a bit more complicated now I might be able to inspect my physical assets as part of my stock take so that could carry over there and I could look for obsolete or old stock that might need to be written off I could observe again obsolete or old stock recalculating might help me with my product costing so I could reaper form product costing calculations so if they're using activity-based costing we go back and we look at the activities if they're using a plant weight overhead or some other form we could use whatever accounting method they're using check the direct materials direct labor those costs are correct using the correct overhead pools I could do some analytical procedures again along the similar lines of how much raw material do they use does that match up with the goods that were produced I could talk to personnel about how the product costing works so this is likely to still be in the understanding the client part but we could ask about costing methods all right can't really use confirmation because there's nobody to write to there about how we would do costume and we might use tracing all about you so regardless of whether we're starting with a stocktake only working back to the inventory or we're starting with raw materials and following it forward we can use recalculation or analytical procedures along with tracing or vouching to check that the value of that inventory is correct now I might also decide that at the same time I would investigate cost of goods sold cost of goods sold obviously uses that inventory value now the next one is completeness is every piece of inventory in the financial statements or in our warehouse recorded in our financial statements so we know is completeness that a most common procedure is going to be Tracy okay so we could select a sample of inventory and trace to the accounting records all right we cannot use vouching for completeness matching is always an existence or occurrence test again I could use the cat the analytical procedures compare how much I should have versus how much I do have I wouldn't use recalculation because our relation again focuses mostly on that curacy movie so you might do some observation can I see any inventory as part of my tracing on the floor that I don't recognize up there and respect some documents as well as part of our tracing we're likely to be inspecting documents all right so our next one is rights and obligations so my rights and obligations is do we actually own that infantry okay so I might need to check who owns the raw materials these are bio the raw materials and they use them in the manufacturing process that I own my infantry so it's probably not going to help me to do observation recalculation analytical procedures but what will help when I'm trying to find out who owns those raw materials is inquiries of personnel all right so I might want to talk to the purchase manager somebody involved in production I can use a confirmation here so I could send a positive confirmation positive confirm to the suppliers can they confirm the method that the client uses to purchase our inventory when do we own it do we own it when it leaves the supplier or do we own it when it reaches us so it's not necessarily tracing or vouching specifically there's more going to be a little nose inquiry lines all right our last one is going on our last main so she is going to be allocation so allocation is about is it in the correct spot as an asset we've got two options obviously you could have a current asset or a non-current asset now for coca-cola I don't think we're going to have too many non current assets so non current assets remember of those assets that we're not going to get economic value from for at least twelve months I can't imagine coca-cola holding on to any of its inventory for longer than twelve months so we want to make sure that everything is a current asset so how do I make sure when I manufacture goods I go debit finished goods inventory current asset credit my working process well I could do that using my tracing all bouncing regardless it doesn't really matter which one but we want to check ah journal entry visas correct current account code all right and when you're doing that you're probably going to need to look at what we call a chart of accounts all right so we're going to need to inspect some documents at the same time no observation no analytical procedures you might inquire of some personnel as we're doing that checking no confirmation so let's cross out these ones I'm not useful all right so you're going to need to look at the chart of accounts read chart of accounts is our list of all the accounts used within the company's accounting system and then the very last one is by presentation and disclosure students which are about understandability completeness valuation often a lot of these same assertions are doubled up but we want to make sure that our disclosures are accordance with our accounting standards so in Australia that's our double-a SBS of course we're internationally harmonized so our version of if hrus so if I'm going to I'm going to need to inspect documents all right so I'm going to need to review the financial statement disclosures make sure our inventory is disclosed appropriately so I'm not going to do any observation or recalculation or analyticals but I want to make sure that I talk to personnel about accounting policy choices all right we know that we've got different versions or different choices for valuing inventories we've got weighted average LIFO FIFO are they using the right policy have they made the right disclosures in relation to that policy there's no need to confirm with an outside party and in terms of tracing or vouching we can start with the infantry and follow it through to the financial report or with vouching we can start with a financial report and match back to make sure that we're following the SS B's but regardless we need to compare disclosures with our international financing standards if you're international or within Australia our double-a SPS because those are our final word so I've done an idea of what sort of procedures we could use to test inventory at coca-cola but we can use this template to do anything I could look at Accounts Payable I can look at accounts receivable I can look at cash and you don't necessarily need to write out procedures like we have here but it is important that we practice mental exercises so you don't even need to write them down you can just think about them in your head one thing to remember is that an auditor has a responsibility and what is best practice is to gather evidence on each assertion okay so I can't just decide that existence is important and I'm going to gather any evidence on valuation or completeness I have to make sure that I've always got all of my assertions covered now as a reminder and I've just used brief descriptions here a reminder of my rules relating to designing designing any sort of procedure all right I have three rules the first one is use the audit terminology for the procedure so if I'm recalculating I'm vouching I'm doing an analytical procedure number two use the client names for the documents for documents roles the processes alright so you might have one company calls their shipping department shipping another one might call it distribution and then three be specific in your description okay so the description needs to be specific enough that somebody could go away and test it an example of what not to do but we actually see some of these in our textbook would be something like vouch sales journal entries you might think what's the problem with that the problem with that is that we're not specific we don't know what we're vouching it to they call dispatch notes or shipping documents something that would be more appropriate would be an example like this ouch example of sales journal entries to sales invoices and packing slips so I've said pouch I'm saying okay I'm starting at my journal entries I'm vouching it to these specific items all right but they still want enough detail because what exactly am I looking for in my procedure I want to match so I'll say match product ID or description and quantities what I could take that further so here I'm proving that sales really did occur if I wanted to take this test and I wanted to make it for valuation I could say something about match quantities brought up and we calculate invoice and compare to journal all right if I wanted so that's going to be more about accuracy this one here is about occurrence if I wanted to take this one step further and look at the cuff assertion I could say something about ah check goods shipped by end of financial year alright so I could take my basic information about vouching a sample of sales journal entries to the invoice and packing slip and then add it to an occurrence test an accuracy test or even a cut-off procedure so it's important that your procedures are nice and detailed often when you give something like vouch sales journal entries or conduct analytical procedures on accounts receivable that's going to be too vague for somebody to be able to go out and do so you need to be able to give a description that's detailed enough so that if a junior auditor or you know somebody else on the audit wanted to do the actual procedure they would know exactly what documents to collect and what they're looking for what they're comparing between those documents now these procedures work equally well these rules apply for both controls and substantive testing doesn't matter which of the two you're using as long as you follow these specific requirements and always make sure of course that your test matches up to the particular assertion there'd be no point in doing recalculations if you're testing occurrence all right no point in looking at shades if you're doing accuracy right thats related to cut off so it's about making sure as well that our assertion matches with our procedure
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