Recap
You'll learn how trade receivables are recorded, valued, and audited—essential knowledge for understanding the audit risks and procedures you'll encounter in AA.
This lesson is part of a paid course
Buy the course to unlock every video lesson and the AI Tutor, plus mock exams with feedback on CIMA courses.
Already bought? Sign in
Ask the AI tutor anything about this lesson
It knows every lesson in the course — explanations, clarifications, practice questions.
In this lesson
- 0:00 Auditing receivables overview
- 0:19 Understanding trade receivables basics
- 0:42 Sales cycle and document flow
- 3:02 Prepayments and current assets
- 3:43 Link between receivables and sales
- 4:10 Key audit risks with receivables
About this lesson
This recap covers the sales cycle from invoice to statement of financial position, explains how irrecoverable debts and allowances work, and introduces the key audit risks including overstatement and cut-off issues. Mastering this foundation will help you confidently tackle receivables audit work and exam questions on valuation, existence, and completeness assertions.
Duration: 5m
Transcript
Every lesson comes with a full searchable transcript - included with the course.
Get the Audit and Assurance course
All 74 video lessons, an AI Tutor in every lesson and lifetime access.
Already bought? Sign in