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Anti Fraud Templates - Financial Statement Fraud Through recording Expenses in incorrect period

Name

Anti Fraud Templates - Financial Statement Fraud Through recording Expenses in incorrect period

Description

FRAUD AREA: Financial Statement Fraud through Recording expense in the wrong period.

 INTRODUCTION:
The expenses should be recording in the period where the related revenue is recorded. E.g. a company pays the 10% commission on sales to sales person, however, the commission to be paid to sales person will be paid in the subsequent month of the sales e.g. commission on the sales of June will be paid in the month of July. matching principle requires that the commission expense should be recorded in the month of June as the expense relates to the sales of the June.

CONTROL OBJECTIVE:

1 To ensure that expenses are recorded in the period they were incurred, properly following the accrual basis of accounting and the matching concept.

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Standard (Non-IT) Audit Program

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