Hi Dr. Amanda! Love your series on auditing “X” figures. It really helped me understand the process clearer now, which is essential for my ACCA AA (audit and assurance) studies! I would like to ask if you could elaborate on the subsequent cash receipts testing for the AVA (accuracy, valuation, and allocation) and completeness assertions. I was a little confused on that part only…
If you have an Acc Rec, then you can actually confirm the AVA by looking 6-8 weeks after the EOFY for payments by customers. If they pay the amount listed in AR (less any discounts), then that is really strong evidence that AR is correctly valued. Does that help clarify?
Dear Amanda, thank you so much for the insight and knowledge. Your videos means a lot, tomorrow I will have interview at one of big4 so I watch your videos for preparation. Wish me luck and god bless you!
Very well explained!! I used to watch your videos when I was preparing for Acca - AA paper , now I have cleared all papers but sometimes I come back to revise those concepts , thankyou 💗
Hi Dr. Amanda! Love your series on auditing , why you did did not do the same for internl audit , hope you create series videos' for internal audit .thanks alot.
Hi Dr Amanda. May I check whether in test of control, do we also need to come up with assertions for every audit procedure? I understand that for substantive testing (Test of details or substantive analytical procedure), we do link every audit procedure to assertion. Thank you.
thank you for your video. In october, I start application forstatutory auditor in my country (non-us). Could you please prepare in deph guide on how you audit fixed assets? Personally, I have the most difficulties with leasehold improvements and possibility to capitalize demolition cost when company is doing fit-out. Thank you for all your effort to upload all the videos!
Hi Gervith - a general video on PPE is coming today. Though I am not covering leasehold improvements or capitalising demolition costs as these are a bit more advanced. I would check out this video from IFRS Box about accounting for demolition costs - www.ifrsbox.com/003-demolition-cost-ifrs/ once you understand the accounting - the auditing should be reasonably straight forward 😊
Hi Hasina - that is a good idea - but probably more advanced than I'm looking to make in this series. There is a video made by HAW How Audit Works on RUclips that might be helpful in the mean time 😊. This video by the AICPA may also be useful - ruclips.net/video/XQWyJ9Jh_Yg/видео.html
Hi Amkele - at this stage I don't have any practice questions, however, in December I am taking 6 weeks holiday from work - I may develop something while I'm taking a break :)
Hi Amanda, when we do subsequent test of receipts testing and the debtor pays less or part of the amount owing meaning that we would not know if the amount stated under that debtor is true, how would we go about verifying the accuracy, valuation, and allocation of that debtor's account? Would we do a check through the remittance advice to determine the amount owing?
Hi Hushaan - if they pay less - we should go back to the remittance advice, monthly statement or invoice to see if there is a discount applied for early payment :) If that amount is the difference - then you could use that as evidence of the value.
Hi Amanda, the cash received subsequently that isn't a cash sale or previously recorded account receivable could be both, an understated accounts receivable or an unrecorded cash sale.... Am i right?
If you make recommendations to a company about specific controls they need to implement, after an audit, how can you check that they are followed by the company?
Hi Jasmin - the next year when you come back to do the audit again, you'd review and see if improvements were made (however, the self-review independent requirement means we cannot assist clients with making these internal control improvements)
Hi Dr. Amanda! Love your series on auditing “X” figures. It really helped me understand the process clearer now, which is essential for my ACCA AA (audit and assurance) studies! I would like to ask if you could elaborate on the subsequent cash receipts testing for the AVA (accuracy, valuation, and allocation) and completeness assertions. I was a little confused on that part only…
If you have an Acc Rec, then you can actually confirm the AVA by looking 6-8 weeks after the EOFY for payments by customers. If they pay the amount listed in AR (less any discounts), then that is really strong evidence that AR is correctly valued.
Does that help clarify?
I recently qualified as CA in India, I'm preparing for an interview as fresher, you help me lot, Thank you
Dear Amanda, thank you so much for the insight and knowledge. Your videos means a lot, tomorrow I will have interview at one of big4 so I watch your videos for preparation. Wish me luck and god bless you!
Love to watch all your videos:X your lectures are much more better than my professor. 100% recommend for who are taking audit class. Thank you Amanda!
Very well explained!! I used to watch your videos when I was preparing for Acca - AA paper , now I have cleared all papers but sometimes I come back to revise those concepts , thankyou 💗
These are the best audit videos on RUclips and its not close. Thank you so much!
Tomorrow is my audit exam and I'm seeing all these great videos now 😅
Hope you had a successful exam ☺️
Amanda love to audit....and we love to see u here making this great video
Thank you 😊
you are such great lecture need online classes
Awesome explanation! Thank you.
Thanks Amanda, amazing videos. great learning.
You’re welcome bilal 😊
Thanks for sharing this Doc
You're welcome Glory 😁
Thank you Amanda you explain very well. Watching from Zimbabwe
You are so welcome!
This is extremely helpful, thanks!
You’re very welcome!
Thank you for sharing!
You're very welcome Ram! Hope you and the family are staying safe and well 😊
Thank you for this linda!
This is so good. I definitely understood it. I hope you continue to do this venture, it is indeed helpful. I am from Philippines 🇵🇭 Thank you so much!
You’re very welcome Erin! Big 👋👋 to everyone in the Philippines 🇵🇭 😊
@@amandalovestoaudit Can I request for a video about auditing intangible assets? If your time permits to do so. I am a fan! Thank you again.
Thanks Doc, you are really adding me value, can't wait for more brain nuggets, i am still logged-in, game-on!!!
Great to hear! Another video coming on Friday 😊
Haaa moms vakanyanya ava, she inspire me.
Very helpful thank Dr Amanda
Hi Amanda! 😁 Thank you for a great video - really helpful to me as a current accounting/ audit trainee!! Can't wait for more!
Hi Aarifah! Fantastic! How long have you been a trainee for? Enjoy 😊
@@amandalovestoaudit Hi again! For just over a year and half 😁
Thank you for the video it's helpful
You're welcome - thanks for watching!
Hi Dr. Amanda! Love your series on auditing , why you did did not do the same for internl audit , hope you create series videos' for internal audit .thanks alot.
Hi Dr Amanda. May I check whether in test of control, do we also need to come up with assertions for every audit procedure? I understand that for substantive testing (Test of details or substantive analytical procedure), we do link every audit procedure to assertion. Thank you.
Can I have part 1
thank you for your video. In october, I start application forstatutory auditor in my country (non-us). Could you please prepare in deph guide on how you audit fixed assets? Personally, I have the most difficulties with leasehold improvements and possibility to capitalize demolition cost when company is doing fit-out. Thank you for all your effort to upload all the videos!
Hi Gervith - a general video on PPE is coming today. Though I am not covering leasehold improvements or capitalising demolition costs as these are a bit more advanced. I would check out this video from IFRS Box about accounting for demolition costs - www.ifrsbox.com/003-demolition-cost-ifrs/ once you understand the accounting - the auditing should be reasonably straight forward 😊
Thank you very much for the wonderful class ma, God bless you.
Please I want to know
Account receivable is for the customer or the seller?
Thanks madam Amanda
Thank you very much for your video!
Could you make videos about Rolling back and Rolling forward in audit too, please?
Hi Hasina - that is a good idea - but probably more advanced than I'm looking to make in this series. There is a video made by HAW How Audit Works on RUclips that might be helpful in the mean time 😊.
This video by the AICPA may also be useful - ruclips.net/video/XQWyJ9Jh_Yg/видео.html
@@amandalovestoaudit and other advanced method in audit too, please?
thank you so much Doc is it possible for you to upload practice questions for each cycle
Hi Amkele - at this stage I don't have any practice questions, however, in December I am taking 6 weeks holiday from work - I may develop something while I'm taking a break :)
this video was very useful. have an interview where the job description lists accounts receivable knowledge as a must.
Hi Amanda, when we do subsequent test of receipts testing and the debtor pays less or part of the amount owing meaning that we would not know if the amount stated under that debtor is true, how would we go about verifying the accuracy, valuation, and allocation of that debtor's account? Would we do a check through the remittance advice to determine the amount owing?
Hi Hushaan - if they pay less - we should go back to the remittance advice, monthly statement or invoice to see if there is a discount applied for early payment :) If that amount is the difference - then you could use that as evidence of the value.
Hi Amanda, the cash received subsequently that isn't a cash sale or previously recorded account receivable could be both, an understated accounts receivable or an unrecorded cash sale....
Am i right?
Hi Mohid - yes - great suggestions - they could be both of those. Though unrecorded cash sales are likely to have the cash stolen altogether.
If you make recommendations to a company about specific controls they need to implement, after an audit, how can you check that they are followed by the company?
Hi Jasmin - the next year when you come back to do the audit again, you'd review and see if improvements were made (however, the self-review independent requirement means we cannot assist clients with making these internal control improvements)
@@amandalovestoaudit Great. Thanks for responding. I really like how you explain everything so clearly.
🙌
Hi Amanda...Is this part of ITACs?
Writing tomorrow 🙃🙃🙃
How did you go Trinity?
can you put next video for company's payroll system? @amanda
Hi! This is on my list - coming soon 😊😊
@@amandalovestoaudit I'm eagerly waiting
Please can you make GROUP what's up.
Hi Mohamed - do you mean Group audits?
🤗🤗👍👍👍
Thanks for watching!
Did she just mention Schrodinger's cat? Superposition of transctions lol