Complete this checklist and apply audit procedures prescribed in relevant audit program for the question client answered "YES", evaluate the internal controls and report the observations along with recommendations (if any.), for the Questions answered "NO" report as ineffective based on relevance of the internal control activity and regulations (e.g. SOX), etc.
Client Name Date Completed: Audit Questionnaire: Accounts Receivables Business Function: Accounting and Finance
Objective: 1) All activities relating to income generation should be identified and accurately invoiced to customers. 2) It should be ensured that all invoices are paid, the incoming receipts are identified and recorded accurately. 3) Overdue accounts receivables should be timely followed-up to mitigate the risk of receivables turning into bad debts. 4) The system of accounts receivables should be integrated and data is also maintained.
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