Auditing Sales and Revenue - Part 2 - audit procedures - controls and substantive

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  • Опубликовано: 12 сен 2024

Комментарии • 60

  • @aliahed7951
    @aliahed7951 4 года назад +9

    You're an excellent teacher as audit is a very complex subject! I especially love the fact that you use real world examples as it really helps me to understand how to actually perform an audit process.
    With regards to when payments are made and JE are recorded, how would you test internal controls when supermarkets upload batches of transactions at end of day?
    Keep up the great work!

    • @amandalovestoaudit
      @amandalovestoaudit  4 года назад +4

      Thank you so much for your kind words Ali 🙏😊. Yes - it is worth testing the controls around batch recordings of journal entries and a small sample to substantively check.

  • @geoffreymaloya4799
    @geoffreymaloya4799 3 месяца назад

    You are the best. I have downloaded more than forty videos from this channel to help me in ICAEW exams in September, 2024.

  • @dishanimalliyawadu5968
    @dishanimalliyawadu5968 Год назад

    You are the best Audit teacher I have ever seen. Thank you so much Amanda!

  • @zahraali495
    @zahraali495 3 года назад +3

    thank you very much Amanda for the informative video. I look forward for the next video
    I know you might look for videos ideas, and I'm suggesting if you can give us a real world example of testing and auditing procedures, as for undergraduates to know more about real-world application of Audit

  • @beetz100
    @beetz100 3 года назад +4

    Hi Amanda, thank you so much for your videos. I'm doing my post grad in accounting in South Africa :)

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад

      Thanks for being with us Sheetal - and good luck in your masters!

  • @frankaester3594
    @frankaester3594 3 года назад +1

    Amazing, it sounds simple now when you explained in that much details . your channel is a gold mine thank you very much

  • @GregHuggett
    @GregHuggett 8 месяцев назад

    I am a child of the Pacific Acceptance case and if you are doing audit and you do not know this case....google it mate!
    All practicing auditors should listen and concentrate on these videos and match what they are doing with content of these videos. All accountants who may have interaction with auditor, for heavens sake update yourselves and these videos are a very good means to that end.
    To the auditing students....keep up to date as the decades go by.

  • @bvumayichatikobo3131
    @bvumayichatikobo3131 4 года назад +6

    Bring it on Doc, Africa is still online!

  • @DreamFirms
    @DreamFirms 3 года назад +3

    I always enjoy watching your content!

  • @ashwatt4420
    @ashwatt4420 3 года назад +1

    Thank you so much! This helped me prepare for my first year as an auditor! ❣️

  • @joshuakimin1409
    @joshuakimin1409 Год назад

    Thank you Amenda, appreciate your video. Very simple and useful in my recent audit at PNG

  • @oluseyioyedele6240
    @oluseyioyedele6240 Год назад

    Hi Amanda
    Came across this wonderful channel
    Thanks for making audit look so easy

  • @user-mf7yg9dw9u
    @user-mf7yg9dw9u 4 года назад +1

    Thank you always for you useful videos 😊

  • @rebeccavictor4665
    @rebeccavictor4665 3 года назад

    Hi Amanda, I am from Malaysia. your channel is really useful. Thank you so much.

  • @badarfaran8185
    @badarfaran8185 11 месяцев назад

    Great Lecture Amanda. Thank You

  • @chelseachen3559
    @chelseachen3559 3 года назад +1

    Thanks a lot! Your videos really helped me!

  • @buredtx
    @buredtx 4 года назад +1

    Thank you for this video.

  • @ernestposholi9466
    @ernestposholi9466 3 года назад +1

    Thank you Dr Amanda

  • @ngakobethulngomane6620
    @ngakobethulngomane6620 2 года назад

    Mrs amanda is the best

  • @ellysugiharto2045
    @ellysugiharto2045 3 года назад +1

    Hello I am from Indonesia, tq for the class love it

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад

      Hey Elly! Thank you for watching! The last place I went before COVID19 was Jakarta :)

    • @ellysugiharto2045
      @ellysugiharto2045 3 года назад

      @@amandalovestoaudit your welcome..I hope the pandemi will be end so you can visit Indonesia again :)...love your lessons so clearly...and very usefull for me as a new Internal auditor in my office

  • @aliahed7951
    @aliahed7951 4 года назад +1

    Also, in the Internal control side of things, the test for checking whether customers applying for credit provided FS for approval, would the client hold these docs and do the analysis of the customer's credit limit themselves?

    • @amandalovestoaudit
      @amandalovestoaudit  4 года назад

      Absolutely Ali - thank you so much for sharing! I do mention this in the video on Accounts Receivable too ☺️ #EverythingIsConnected

  • @Neha_Siddiqui_
    @Neha_Siddiqui_ 4 года назад +1

    Thank u, plz make on revenue and expenditure cycle

    • @amandalovestoaudit
      @amandalovestoaudit  4 года назад

      The sales cycle involves the revenue account. Expenditure will be coming later in the series ☺️

    • @Neha_Siddiqui_
      @Neha_Siddiqui_ 4 года назад

      @@amandalovestoaudit yes, will b waiting for expenditure cycle 😊

  • @mandarinasMDA
    @mandarinasMDA Год назад

    thank u for the lesson. ❤

  • @vickipeng3657
    @vickipeng3657 4 года назад +1

    I like your teaching method. What software you are using for the hand writing ? Amazing

    • @amandalovestoaudit
      @amandalovestoaudit  4 года назад +1

      Hi Vicki - I’m recording my iPad screen and writing using the app called Notability. Then I combine that with video of me talking and I use a green screen background to combine the 2 when editing in Adobe Premiere Pro

    • @vickipeng3657
      @vickipeng3657 4 года назад

      AmandaLovesToAudit Great.thanks for sharing

  • @sylvester8589
    @sylvester8589 4 года назад +1

    hi Dr Amanda. If for completness assertion, can we suggest"Match the balance of Sales detail with theTrial balance amount" as our audit procedure?

    • @amandalovestoaudit
      @amandalovestoaudit  4 года назад +1

      Hi Redang - that is definitely something we would do to ensure everything is accurately transferred - but if transactions are missing and never recorded - the numbers will still match.

  • @manishmahato7686
    @manishmahato7686 4 года назад +1

    Thank you.. Fe

  • @mariagstorm9244
    @mariagstorm9244 3 года назад +1

    Thank you 😊

  • @jenniferelago4643
    @jenniferelago4643 3 года назад +1

    Hi Amanda. regarding the test of control for credit checks carried out, you stated that we should confirm that the customer indeed had funds available on credit, what do we use to confirm this?

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад

      Hi Jennifer ☺️. There should be some internal mechanism for tracking sales made on credit and what the balance is (& if there isn’t - that is a big issue ☺️). It isn’t perfect because it is internal information, but the best available.

    • @jenniferelago4643
      @jenniferelago4643 3 года назад

      @@amandalovestoaudit alright, thank you so much😊

  • @mukulgoyal3926
    @mukulgoyal3926 4 года назад

    Love these videos

  • @casouravchoudhary
    @casouravchoudhary Год назад

    Completed

  • @kurtdarmanin2399
    @kurtdarmanin2399 3 года назад

    How would you Answer a question which specifically states : outline the procedures specifically related to the audit of revenue which you consider should be included in the Audit plan?

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад

      Hi Kurt - this sounds like a question from an exam ☺️. What would be your suggestion and then I’d be happy to provide feedback 😊 (& yes, this is exactly how I answer these types of questions with my students too 😁)

    • @kurtdarmanin2399
      @kurtdarmanin2399 3 года назад

      @@amandalovestoaudit I am confused because this is asked prior to a scenario full of risks which we needed to identify.
      Which topic would I need to relate to? Planning/risks or substantive procedures?
      I have taken a look at a lot of ACCA questions but my University seems to manage to be original

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад +1

      I would say that it is asking for procedures to substantively test the assertions related to revenue (sorry for the tardy reply - RL has been a bit hectic!)

  • @nihadmohammed2281
    @nihadmohammed2281 4 года назад

    ma'am, what is it mean when u say haphazard samples?
    And by the way, would you mind checking the comments that I made for your video about identifying significant risk for an audit client, which u have posted on Nov 18th, 2019? it's about identifying the three significant risk on one of the following three companies ( I have chosen Airbnb)

    • @amandalovestoaudit
      @amandalovestoaudit  4 года назад

      Hi Nihad - check out this video on sampling
      ruclips.net/video/P7zvV8anUrs/видео.html

  • @Naanofurbusiness
    @Naanofurbusiness 3 года назад +1

    Man I love how you dumb things down and explain it!! Now, if only you could ask one of your peers to make cool RUclips videos like this on Canadian Tax! haha

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад +1

      😂😂😂 good luck with tax - I struggled with it too 😊

    • @Naanofurbusiness
      @Naanofurbusiness 3 года назад

      @@amandalovestoaudit Do you recommend making flashcards for tax? After I read your other comment I started incorporating more tree diagrams into my flashcards.

  • @mubashir7555
    @mubashir7555 3 года назад

    Please seprate for substantive

    • @amandalovestoaudit
      @amandalovestoaudit  3 года назад

      Hi Mubashir - can’t split the video now ☺️. Plenty of other videos on my channel about substantive procedures. The key is learning the technique so that you can adapt to any account, client and economic situation 😊