Auditing Accounts Receivable - Part 1 - Processes and controls

[@justforrfunnn]

Currently going through this whole series. Thank you in all you do!!

[@DaniverMaiko]

An eye-opener and quite refreshing. Audit 101

[@jinentzou5557]

Indeed from me too many thanks great help to clear out since I am student of ACCA here in London

[@amandalovestoaudit]

Thank you Jin - hope you are safe and well in London ☺️

[@umavijayan5969]

I love your sessions Amanda. Your videos are becoming a good reference material to refresh our knowledge and explore more based on your views.

[@amandalovestoaudit]

That is great to hear Uma!

[@tebogobuthelezi1642]

I'm kinda glad there's more content these days.

[@amandalovestoaudit]

Thanks Tebogo ☺️

[@richardbernal4119]

I love this; it was very helpful if you're starting a business and if you really want to take a job as an AR specialist. Thank you so much for this kind of content.

[@simonealmanza1284]

I love your teaching style! I wish you taught all 4 sections of the CPA! I have understood Audit so much more from your videos. I am in the US so we use GAAP of course but there are a lot of similarities in the concepts. I am so glad I found your channel.

[@amandalovestoaudit]

Thank you so much Simone! Maybe one day the US will join the international standards fold!

[@sundayidaka8212]

You did a well articulated analysis for " Account Receivables".

[@shoaibkamran7417]

I love the way you teach the concept. I am studying for my US CPA exam and i am able to understand things which you share. I can totally relate to it. It's simple and clean. Glad that I found your channel. Please continue to share more videos for different topics.

[@lindacambrose]

Best tutorial so far

[@bvumayichatikobo3131]

Thanks, Doc, i am still logged-in!!

[@vivianno363]

You are amazing, clear, and detail hw simple in the meantime

[@amandalovestoaudit]

Thank you so much for these kind words Vivian ☺️🙏❤️

[@NZelalem96]

God bless you for these videos

[@amalali4466]

Thanks for video, really appreciate for your passion about audit, bez I am also really enthusiastic about auditing, hope better to stay here for something

[@funnyclips4045]

Thank you from Europe!!

[@amandalovestoaudit]

Thanks for learning with us ☺️

[@adedokunmodupe_co]

Great work. Thanks

[@billyslater3073]

Thanks. I feel like I'm in an Accounting class. 💯❤️👏

[@MrWillman66]

I love this so much! Thank you, Amanda, you're the best 🙏

[@kelenivuataki3498]

Love from Fiji 🇫🇯🇫🇯

[@kolithaprabhashwara3920]

Thank you Dr.Amanda 👍

[@ijohn7600]

Thanks for the video, very helpful.

[@amandalovestoaudit]

You're welcome - thanks for watching :)

[@CIE903]

I love your videos! Thank you for your time and willingness to help student’s understand audit.

[@mohidumar4349]

I just like your video even before watching because it's Amanda White the expert...she must have made perfect content.... Respect from Pakistan.. :))))

[@real-news]

Hi Amanda, i am a Collection specialist and in next few days i will be having an important interview with position of collections manager. i have been doing AR for over 12 years but interviews can be tricky. i need few tips to get this job :) this job is a life changer for me and my family.

[@amandalovestoaudit]

Hi! Be yourself, answer honestly and make your thinking visible by working through any questions/problems/scenarios out loud. Good luck!

[@laimab_official]

Great presentation indeed ❤❤❤

[@Nkindinkindi]

Thanks a million 👏

[@amandalovestoaudit]

You're welcome!

[@Foryunoooooo]

Thank you for this!

[@teegihui714]

Hi amanda!I love what your are doing, really helps me in understanding better. Could you do auditing for Inventory as well? The process, test of controls and substantive testing!

[@amandalovestoaudit]

Thanks Tee! Here is an old video for inventory but a new one is coming soon! kzbin.info/www/bejne/jXOkoXmpj5t1pZY

[@valentinmichev4646]

Very useful, thank you so much! Would you be able to do a similar video for payables? I have an audit exam very soon and would love to watch such a video on payables :)

[@amandalovestoaudit]

Hi Valentin - it's on the list :) Thanks for watching :)

[@serratiaroopnarian4199]

Thanks so much for this video Amanda !! Could I please request a video .. I don’t understand the audit process .. so what exactly is understanding of the entity and once that occurs do we then look for risks of misstatements and when do we do risk assessment procedures and choose our audit approach I don’t understand which happens first and prior to doing procedures and completion .. thanks so much in advance 💕

[@amandalovestoaudit]

Hi Serratia - this is a great idea ☺️. In the mean time - please check out my study guide - it follows the process of the audit in sequence. amandalovestoaudit.com/learning-resources/audit-study-guide/ Hopefully it helps in the mean time while I add this to the list ☺️

[@sam-k7n]

I caught an application clerk who stole 120 thousand dollars. As a credit manager you must micromanage some accounts. Some are contra obligations- they must pay a certain amount at certain times. Chanley was changing the journal entry that these high end customers were paying. What was deposited was less than half. Worst time at any job.

[@AAA-pd4dg]

You are amazing, I am really a big fan. Dr. Amanda I have question. What universities offer a PhD in behavioral auditing?

[@amandalovestoaudit]

Hi - what country are you looking to study in? Send me a message via Insta or FB and we can chat further :)

[@JC22487]

Are these audit processes also applicable for non-profit organizations?

[@amandalovestoaudit]

Hi Jasmin - absolutely 😊

[@malakileisam8827]

What is the initial starting point for auditing accounts Receivable?

[@amandalovestoaudit]

It is usually by starting with a list of the A/R balances and also chatting with your team member auditing sales to find out if they identified anything unusual. Always understand your client before anything else ☺️

[@lloydsimbeye5191]

i would want to know audit procedures of accrual

[@amandalovestoaudit]

Hi lloyd - to audit accruals, since they are year end only - you could easily select a sample and vouch to supporting documentation.

[@isaiasplascencia]

Is there an actual name for the report that is given to the CFO or comptroller? Thank you!

[@amandalovestoaudit]

Hi Isaias - it is typically called a Management Letter 😊

[@BG_36]

i want to know if you could change your name to Audie Wright to give us reasonable assurance as to how much you love auditing correctly

[@mariagstorm9244]

👍👍👍👍👍

[@amandalovestoaudit]

Any time!

[@EricHempler]

In North American I'm going to start using q for Cheque, just to mess with people

[@amandalovestoaudit]

😂😂😂

[@amandalovestoaudit]

And do folks in North America still use paper cheques/checks? They've pretty much disappeared from use here in Australia - some banks have cancelled the service offering. Direct deposit only

[@leonzarlee5756]

For the scenario of discount, I don’t think we should recognize the income like that much. A contract liability should be recorded?

[@amandalovestoaudit]

Hi Leonzar - that’s an interesting thought - do you have an IFRS or AASB paragraph reference? In reading AASB15 (similar to IFRS15) - that’s not how I interpreted it - A/R should be recorded net of any discounts we anticipate - but that is not reliably calculated when it is dependent on when the debtor pays. However I’m not a standards expert ☺️ and am happy to be corrected!

[@kel0326]

@@amandalovestoaudit Hi Amanda! Agreed - just to add on, the updated IFRS 15 states that “Where a contract contains elements of variable consideration, the entity should estimate the amount of variable consideration to which it will be entitled under the contract. ” (par. 50) Hence, we would need to assess the probability of customer utilising the early settlement discount, and adjust accordingly if the customer followed/did not follow our expectation.

[@bvumayichatikobo3131]

Thanks, Doc, i am still logged-in!!