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!
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.
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
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.
@@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
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?
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
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.
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?
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.
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?
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 😁)
@@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
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!)
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)
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 Do you recommend making flashcards for tax? After I read your other comment I started incorporating more tree diagrams into my flashcards.
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 😊
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!
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.
You are the best. I have downloaded more than forty videos from this channel to help me in ICAEW exams in September, 2024.
You are the best Audit teacher I have ever seen. Thank you so much Amanda!
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
Hi Amanda, thank you so much for your videos. I'm doing my post grad in accounting in South Africa :)
Thanks for being with us Sheetal - and good luck in your masters!
Amazing, it sounds simple now when you explained in that much details . your channel is a gold mine thank you very much
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.
Bring it on Doc, Africa is still online!
I always enjoy watching your content!
Thank you!
Thank you so much! This helped me prepare for my first year as an auditor! ❣️
You are so welcome Ash ☺️
Thank you Amenda, appreciate your video. Very simple and useful in my recent audit at PNG
Hi Amanda
Came across this wonderful channel
Thanks for making audit look so easy
Thank you always for you useful videos 😊
Hi Amanda, I am from Malaysia. your channel is really useful. Thank you so much.
You’re welcome Rebecca!
Great Lecture Amanda. Thank You
Thanks a lot! Your videos really helped me!
You are so welcome Chelsea!
Thank you for this video.
Thank you Dr Amanda
You're welcome Ernest!
Mrs amanda is the best
Hello I am from Indonesia, tq for the class love it
Hey Elly! Thank you for watching! The last place I went before COVID19 was Jakarta :)
@@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
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?
Absolutely Ali - thank you so much for sharing! I do mention this in the video on Accounts Receivable too ☺️ #EverythingIsConnected
Thank u, plz make on revenue and expenditure cycle
The sales cycle involves the revenue account. Expenditure will be coming later in the series ☺️
@@amandalovestoaudit yes, will b waiting for expenditure cycle 😊
thank u for the lesson. ❤
I like your teaching method. What software you are using for the hand writing ? Amazing
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
AmandaLovesToAudit Great.thanks for sharing
hi Dr Amanda. If for completness assertion, can we suggest"Match the balance of Sales detail with theTrial balance amount" as our audit procedure?
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.
Thank you.. Fe
Thank you 😊
Thank you for watching Maria 😊
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?
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.
@@amandalovestoaudit alright, thank you so much😊
Love these videos
Thanks Mukul ❤
Completed
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?
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 😁)
@@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
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!)
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)
Hi Nihad - check out this video on sampling
ruclips.net/video/P7zvV8anUrs/видео.html
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
😂😂😂 good luck with tax - I struggled with it too 😊
@@amandalovestoaudit Do you recommend making flashcards for tax? After I read your other comment I started incorporating more tree diagrams into my flashcards.
Please seprate for substantive
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 😊