DEBTOR VERIFICATION
This query is : Resolved
21 January 2010
THE DEBTORS OF THE COMPANY ARE SHOWING BALANCE (AGEING ) OF MORE THAN 180 DAYS PENDING WHILE THE AVG. COLLECTION PERIOD OF THE COMPANY IS 90 DAYS. AND ALSO THE MGMT OF THE COMPANY SAID THAT THEY DONT HAVE THIRD PARTY CONFIRMATION FROM THE DEBTORS.
PLEASE SUGGEST THAT AS AN AUDITOR OF THE CO. WHAT SHOULD I DO?
PLEASE SUGGEST THAT AS AN AUDITOR OF THE CO. WHAT SHOULD I DO?
21 January 2010
Send a/c statement todebtors directly stating that if no reply is recd. with in 10 days, it will be presumed that the balance is correct.
21 January 2010
Agree with Expert.
Additional Point:
1)Ask them to make provision for doubtful debts if debtors are old for more than 6 months
2) Obtain explanation as to when old debtors would be recovered.
3) Track the status in the next audit
Additional Point:
1)Ask them to make provision for doubtful debts if debtors are old for more than 6 months
2) Obtain explanation as to when old debtors would be recovered.
3) Track the status in the next audit
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
