Current assets refer to assets realized or consumed by an enterprise within a business cycle of one year or more, including monetary funds, short-term investments, accounts receivable, notes receivable, prepayments and inventories. The main points of current assets audit are as follows:
(1) monetary funds.
Accounting correctness: check the consistency of accounting statements and accounts. Legitimacy: Check whether there are problems such as cash receipt and payment beyond the scope, opening bank accounts indiscriminately, holding real accounts, illegal vouchers arriving in the library, private storage of public funds, off-balance-sheet public funds, cash withdrawal, replacing deposits with bank credit, renting and lending account numbers or not recording deposits. Review the implementation of relevant monetary fund management systems, and pay attention to the implementation of original voucher review, monetary fund inventory, daily receipt and daily deposit, and adjustment of outstanding accounts. When necessary, make an inventory of funds. When auditing foreign currency receipts and payments, we should pay attention to the calculation and amortization of exchange gains and losses, and whether there are problems such as evasion and arbitrage that violate foreign exchange accounting and management regulations.
(2) Short-term investment.
Legitimacy: Review and confirm whether the funds used for investment belong to temporary idle funds.
Valuation: check and confirm whether the securities are recorded at actual cost; Review and confirm whether the sold securities are calculated at the market transaction price of the day, the authenticity and completeness of its increase and decrease and its income (loss) accounting.
Full disclosure: Review and confirm that the market price information of securities actively traded in the market has been disclosed.
(3) Receivables and prepayments.
The focus of the review of notes receivable:
Classification: review and confirm whether interest-bearing bills and interest-free bills are classified; Whether bills with recourse and bills without recourse are classified and accounted for; Review and confirm whether overdue bills have been transferred to accounts receivable.
Attribution: Find out whether the bills with recourse have been listed as contingent liabilities of the enterprise.
Correctness of bill interest accounting: Check whether interest income reduces financial expenses.
Full disclosure: Review and confirm that the accounting statements reveal all liabilities arising from bill discounting business, and correctly list the balance of bills receivable minus the net value of discounted bills receivable.
Key points of auditing accounts receivable. Authenticity: check and confirm whether the accounts receivable recorded in the account exist and are recoverable claims, and confirm the accounts with large amount if necessary. Correctness of valuation: check whether the net value of accounts receivable is equal to the balance of accounts receivable MINUS bad debt provision. Legality of bad debt reserve accounting: check whether the enterprise withdraws bad debt reserve according to the specified proportion and write it off according to the regulations. Full disclosure: Review and confirm that the accounting statements correctly reflect the balance and net value of accounts receivable.
The review focus of advance payment:
Authenticity and legality: examine and confirm whether each advance payment has a contract basis and whether all the goods ordered are for the production needs of the enterprise; Prepayments for important projects should be confirmed by letter, and prepayments for long-term accounts should be inspected. ?
(4) inventory.
Authenticity and completeness: find out the actual existence of inventory, and confirm whether the collected, completed and sold inventory is recorded in time, and whether the purchased, collected and completed inventory is completely recorded in raw materials, finished products and finished products.
Ownership: check and confirm that the sold and unsold consignment inventory is not included in the inventory account of the enterprise, but the consignment inventory has been included in the inventory account of the enterprise.
Valuation: review the rationality of inventory cost calculation method and valuation method and the consistency of application before and after; Commodity circulation enterprises should also pay attention to the rationality of commodity price reduction preparation accounting.
Classification: the inventory of industrial enterprises should be classified and accounted for according to raw materials, products in process, finished products, entrusted processing materials, packaging materials and low-value consumables; Commodity circulation enterprises should be classified according to commodity materials, packaging materials and low-value consumables; Industrial and commercial enterprises should pay attention to the boundary between low-value consumables and fixed assets.
Deadline: Check whether the inventory receipt/delivery business that occurred around the closing date is included in the correct accounting period.
Accounting correctness: check the consistency of inventory general ledger and subsidiary ledger and the consistency of inventory accounts; Review the implementation of the inventory counting system in enterprises.
Legitimacy: to find out whether the calculation and valuation methods of the enterprise's inventory cost conform to the provisions of the accounting system, whether the purchase and sale business of the enterprise conforms to the provisions of the contract and agreement, and whether the handling of inventory surplus and loss has been approved.
Full disclosure: check and confirm that the accounting statements have made necessary explanations on the consistency of inventory cost calculation method, inventory valuation method and before and after application; Explain the inventory that has been mortgaged, unsalable, scrapped, entrusted for storage and entrusted for sale.
2. Long-term investment audit.
Long-term investment refers to securities that are not ready to be realized at any time and have been held for more than one year and other investments for more than one year, mainly including stock investment, bond investment and other investments. The main points of long-term investment audit are as follows:
(1) stock investment.
Valuation: Check whether the recorded value of stock investment is determined according to the difference between actual payment and dividend receivable.
Accounting method: find out whether the stock investment that has actual control over the invested unit is accounted by equity method; On the contrary, whether to adopt the cost method. Review the increase and decrease of stock investment and the correctness of its income (loss) accounting accounts.
(2) Bond investment.
Valuation: check whether the recorded value of bond investment is calculated according to the actual payment, and whether the accrued interest is deducted if it includes accrued interest; Find out the correctness of amortization of bond premium and discount by straight-line method before maturity.
Classification: Understand whether the accrued interest of bond investment with accrued interest is accounted for separately. The increase and decrease of bond investment and the accounting correctness of its income (loss) accounting.
Full disclosure: check and confirm the explanation of long-term bond investment due within one year and the market price of bonds at the end of the period in the accounting statements.
(3) Other investments.
Valuation: Whether the investment in physical and intangible assets is recorded at the value determined in the asset appraisal or contract agreement.
3. Audit of fixed assets.
Fixed assets refer to assets with a service life of more than one year and a unit value above the specified standard, which keep the original physical form during use, mainly including buildings, machinery and equipment, transportation equipment, tools and appliances, etc. The main points of fixed assets audit are as follows:
Authenticity: Check whether the sale, scrapping and damage of fixed assets are transferred to fixed assets liquidation and verification; Find out whether the fixed assets transferred from investment in other units are transferred to long-term investment; Find out whether operating rented fixed assets will increase the fixed assets account of the enterprise.
Integrity: review the situation that the completed fixed assets are not carried forward and the financial lease fixed assets are not included in the fixed assets account.
Ownership: we should distinguish between operating and leasing fixed assets and find out whether the latter has been included in the accounting of fixed assets; Fixed assets as collateral for debt guarantee shall be determined.
Valuation: separately verify the recorded value of fixed assets such as purchase, self-construction, investment transfer, financing lease-in, renovation and expansion, donation and inventory surplus; In order to determine the correctness of the net value of fixed assets, the correctness of depreciation calculation and accumulated depreciation account balance should be determined.
Classification: In addition to reviewing the detailed accounting classified by physical form, it is also necessary to find out the correctness of the classification of used, unused and unnecessary fixed assets, fixed assets leased from business financing, depreciated and non-depreciated fixed assets, renovation and expansion expenses, repair expenses, etc.
Accounting correctness: review and confirm the consistency between general ledger and subsidiary ledger of fixed assets and physical assets, and supervise the inventory of fixed assets when necessary.
Legitimacy: review the approval procedures for the increase or decrease of fixed assets; Find out the compliance and legality of determining the recorded value of fixed assets, and find out the legality of depreciation methods and their application.
Full disclosure: review and confirm that the accounting statements have made necessary explanations on depreciation methods, changes in fixed assets, asset leasing and mortgage.
4. Audit of projects under construction.
Construction in progress refers to the construction and installation of fixed assets that have not yet been delivered, including self-operated projects, outsourcing projects and equipment installation projects. The focus of the audit of construction in progress is to review the actual cost of the project carried over after the completion of the project. Review and confirm the legality of project scrapping and damage, trial operation business, project borrowing cost accounting, and payment of fixed assets investment direction adjustment tax, find out the situation of crowding or misreading project expenses and related accounts, and review and confirm the correctness of project expense carry-over and capitalization period of loan expenses.
Audit of intangible assets, deferred assets and other assets.
(1) Intangible assets refer to assets that have been used by enterprises for a long time and have no physical form, including patents, non-patented technologies, trademarks, copyrights, land use rights and goodwill.
The key points of intangible assets audit are: the correctness of valuation and amortization of various intangible assets.
(2) Deferred assets refer to all expenses that cannot be fully included in the current year's profit and loss, but should be amortized in future years, including start-up expenses, expenditure on leased fixed assets improvement projects, etc.
The audit points of deferred assets are: the authenticity and integrity of the accounting of organization expenses, and whether there is overcharge or undercharge of organization expenses; Legality of amortization of start-up expenses and expenses of leased fixed assets improvement projects.
(3) Other assets refer to special reserve materials, bank frozen deposits, materials and property frozen in litigation, etc.
The main points of auditing other assets are as follows: check the reasons for the formation of other assets one by one, and verify the original vouchers and physical objects; Find out whether there is a special person responsible for management and separate accounting; Legality of recording and resale and correctness of accounting treatment.