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Identify three audit procedures you could use

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Question - You are auditing the financial report of ABC Pty Ltd for the year ended 30 June 2020. You have concluded that your team cannot rely on the internal controls of ABC Pty Ltd. Your audit team has been assigned the audit of accounts receivable.

Required -

Identify three (3) audit procedures you could use to test the existence assertion for accounts receivable.

Identify three (3) audit procedures you could use to test the valuations assertion for accounts receivable.

How would your answer change, if at all, if it was established that the internal controls were operating effectively?

Reference no: EM132768721

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