This and other operational lapses, the audit agency said, affected the faithful representation of the Credit Card Receivables amounting to P401.929 million as of December 31, 2018 which could not be ascertained due to the General Ledger and Subsidiary Ledger
balances aggregating P734.971 million.
They are enjoined to maintain a subsidiary ledger
recording every service they rendered or performed.
Specific Audit Objectives Common Substantive Audit Procedures Accounts receivable reflected Test the reconciliation of the in the balance sheet exist, are aged subsidiary ledger
of for valid transactions, and individual accounts to the include all authentic general ledger.
* Did not reconcile the general ledger to the subsidiary ledger
or supporting statements
IRS also continued to make progress in developing cost accounting information to capture the full cost of its operating activities, and in establishing a framework for implementing a subsidiary ledger
for its tax administration activities.
It is generally referred to as a job cost accounting system, which is a subsidiary ledger
where costs are accumulated by each cost objective with the appropriate allowable indirect expenses allocation.
Commercial Accountant[R] is an option add-on package for Commercial Servicer that gives you subsidiary ledger
capabilities that simplify cashflow, daily balancing and bank account reconciliation.
* Numerous errors in recording income, expenses and transfers were found in the general ledger and subsidiary ledger
Before the audit begins, for instance, managers can prepare an accounts receivable detail schedule (or subsidiary ledger
listing) that ties into the general ledger trial balance at the end of the audit year.
The technique is not as elaborate or bold as the deliberate recording of false receivables; rather, the method simply involves the recording of small amounts of credit balances in the A/R subsidiary ledger
Your system should allow you to automatically generate invoices and update an accounts receivable subsidiary ledger
COA said the subsidiary ledger
of Pagcor showed that the fund has accumulated to P332.88 million as of the end of 2017, but only P75.79 million was utilized.