Audit. Audit of off-balance sheet accounting (most important)

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Audit. Audit of off-balance sheet accounting (most important)

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53. AUDIT OF THE STATE OF BALANCE ACCOUNTING

The purpose auditing the status of off-balance accounting is to confirm the reliability and timeliness of the reflection of operations on off-balance accounts.

Sources of information when conducting an audit, there are lease agreements, commissions, provision of services for the processing of materials, as well as orders for the enterprise to write off at a loss receivables for which the limitation period has expired or there are documents confirming the impossibility of recovering amounts from the debtor.

Verification plan and program. During the audit, all operations related to receipts and debits from off-balance sheet accounts (which are intended to summarize information about the availability and movement of values temporarily at the disposal of the organization), the fulfillment of contingent rights and obligations, and also control over individual economic operations. Accounting for objects is maintained in a simple system (i.e., the double-entry rule does not apply).

Checking the accounting of leased fixed assets. Account 001 "Leased fixed assets". When checking the accounting of leased fixed assets, it is necessary to confirm the accuracy of the reflection of transactions on account 001.

Checking the accounting of inventory items accepted for safekeeping, for processing, and goods for consignment. When checking the accounting of inventory items accepted for safekeeping, for processing, and goods on commission, it is necessary to confirm the accuracy of the reflection of transactions on accounts 002, 003, 004.

Checking other off-balance sheet accounting items. Other off-balance sheet accounting items include: equipment accepted for installation; strict reporting forms; debts of insolvent debtors written off at a loss; security for obligations and payments received; security for obligations and payments issued; depreciation of fixed assets; fixed assets leased. Information about these accounting objects is reflected in accounts 005, 006, 007, 008, 009, 010, 011, respectively.

Typical mistake is the lack of off-balance sheet accounting.

Summarizing the test results. Auditor Working Papers. Identified violations and errors are recorded in the auditor’s working document. The working document can be drawn up in the form of a table of violations indicating the characteristics of the violation, the regulatory document that was violated, as well as the auditor’s recommendations for eliminating the violation. At the final stage, you can draw up a working document “Assessing the impact of identified violations on financial reporting indicators.” The working document must indicate:

1) a brief description of the violation;

2) calculations of the quantitative impact of the violation on the change in the indicator;

3) the name of the indicator that is being changed;

4) the adjusted value of the indicator.

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