UNBILLED REVENUE AS PER AS7
This query is : Resolved
07 October 2009
DEAR SIR
CAN U PLS. TELL ME ON THE AUDIT PROCESS AND A POSSIBLE AUDIT REPORT ON UNBILLED REVENUE AS PER AS7
THANX AND REGARDS
S.K.MAJUMDAR
ASST.MANAGER-IA
CAN U PLS. TELL ME ON THE AUDIT PROCESS AND A POSSIBLE AUDIT REPORT ON UNBILLED REVENUE AS PER AS7
THANX AND REGARDS
S.K.MAJUMDAR
ASST.MANAGER-IA
Guest
Guest
(Expert)
08 October 2009
Unbilled revenue or Work In Progress depends on contract terms. Basic audit procedures would be as follows: -
1. Check WIP Calculation for sampled contracts, whether it is as per terms of contract or not.
WIP would be equal to % work completed less billing already done
2. Check WIP Ageing to check whether invoices have been duly raised
3. Check WIP reconciliation if accounting software identifying or Calculating WIP and book keeping software are different
4. Check accuracy of General provisioning if the same is as per policies of the company
5. Check accuracy of specific provisioning and check documentation against sampled specific provisions
6. Check if there has been signifant increase in WIP in comparison to increase in revenue (Analytical procedures).
I think these audit procedures would be sufficient to test WIP / Unbilled Revenue.
1. Check WIP Calculation for sampled contracts, whether it is as per terms of contract or not.
WIP would be equal to % work completed less billing already done
2. Check WIP Ageing to check whether invoices have been duly raised
3. Check WIP reconciliation if accounting software identifying or Calculating WIP and book keeping software are different
4. Check accuracy of General provisioning if the same is as per policies of the company
5. Check accuracy of specific provisioning and check documentation against sampled specific provisions
6. Check if there has been signifant increase in WIP in comparison to increase in revenue (Analytical procedures).
I think these audit procedures would be sufficient to test WIP / Unbilled Revenue.
Message likes :
1 times
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
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- 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?
Trending Online Classes
CAclubindia
