Audit. Audit of financial investments and securities (the most important)

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Audit. Audit of financial investments and securities (the most important)

Lecture notes, cheat sheets

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43. AUDIT OF FINANCIAL INVESTMENTS AND SECURITIES

Purpose of verification - establishing the legality, reliability and expediency of the transaction with financial investments at the enterprise, the correctness of their reflection in accounting.

Information sources:

1) constituent documents;

2) extracts from the register of shareholders;

3) certificates of shares, bonds, bills and other securities;

4) contracts for the purchase and sale of securities;

5) loan agreements;

6) deposit agreements;

7) securities registration books (registries);

8) accounting registers for accounts 58, 59, 60, 62, 76, 91;

9) main book;

10) financial statements;

11) position on the accounting policy of the enterprise.

Plan and program of verification:

1) study the composition of financial investments according to primary documents and accounting registers;

2) confirm the initial assessment of the system of internal control and accounting of financial investments;

3) establish the correctness of the reflection in the accounting of operations with financial investments;

4) confirm the accuracy of the accrual, receipt and reflection in the accounting of income from operations with financial investments;

5) assess the quality of the inventory of financial investments.

Verification methods

1. Analyze data from primary documents and find out the composition of financial investments. The organization's financial investments include: state and municipal securities; securities of other organizations (including bonds, bills); contributions to the authorized capital of other organizations; loans provided to other organizations, etc.

2. Financial investments must be accepted for accounting at their initial valuation. For financial investments purchased for a fee the initial cost is the sum of all actual acquisition costs, excluding VAT and other reimbursable taxes; when contributing to authorized capital - the agreed price; upon receipt free of charge - at market value.

3. Checking acts of acceptance and transfer of bills of exchange and the securities registration book.

4. Checking business transactions that resulted in a change in the size and composition of financial investments.

5. Confirmation of the method for estimating the cost of securities used when writing them off (disposal) according to the method recorded in the accounting policy.

6. Confirmation of the correctness of the formation, use and accounting of reserves for the depreciation of securities reflected in account 59 “Reserves for the depreciation of investments in securities.”

7. Confirm that records are complete and timely. When preparing reports, income and expenses on transactions with securities are shown as part of operating income and expenses in full.

8. Checking the quality of completed inventories.

Generalization of results checks can be made in the working papers of the auditor. Working papers can be drawn up in the form of tables indicating the characteristics of the violation, the normative document that is violated, as well as the auditor's recommendations.

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