there are various methods of auditing around the computer,through the computer, and with the...

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Accounting

there are various methods of auditing around the computer,through the computer, and with the computer. Which of these methodswould you recommend for the audit of accounts receivableand why? Be sure to include the impact of professional standardsrelated to the method you recommended and give an exampleof how the method you recommended would be used specifically toaudit accounts receivable.

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1 Substantive method is the best way to audit accounts receivables substantive tests are those tests of transactions and balances and other procedures which provides audit evidence as to the completeness accuracy and validity of the information contain in the accounting records or in the financial statements like analytical review For Example Audit procedures is designed to detect a variety of audit risks which include the following That receivables do not exist That recorded receivable balances are inaccurate That it may not be possible to collect accounts receivable That the derivation of the allowance for doubtful accounts may not properly reflect bad debt experience That sales transactions were not processed in the correct period Accounts receivable is frequently the largest asset that a company has so auditors tend to spend a considerable amount of time gaining assurance that the amount of the stated See Answer

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In: Accountingthere are various methods of auditing around the computer,through the computer, and with the computer....there are various methods of auditing around the computer,through the computer, and with the computer. Which of these methodswould you recommend for the audit of accounts receivableand why? Be sure to include the impact of professional standardsrelated to the method you recommended and give an exampleof how the method you recommended would be used specifically toaudit accounts receivable.