The Guidance Note contains recommended audit procedures in case of audit of liabilities. The following is an outline of the areas covered by the Guidance Note:
- Assertions Regarding Revenue: occurrence, completeness, measurement, presentation and disclosure.
- Internal Control Evaluation
- Examination of Records: compliance with AS 9, cut-off procedures, sales journal, dispatch documents, sales to intermediate parties, realisation in installments, export sales, revenue from services rendered.
- Examination of Presentation and Disclosure
- Analytical Procedures: comparison of various relevant components of revenue.
- Special Considerations in Case of a Company: compliance with relevant statutory requirements.
- Documentation
|
Issued in May, 1997.
Published in the Handbook of Auditing Pronouncements, Vol. II (Edn. 2005).
Also available as a separate publication of the Institute (price: Rs. 15/-).
ISBN: 81-87072-05-9. | | |
