1. What is an account receivable aging report?
2. Why is an accounts receivable aging report needed for an audit?
3. What is an accounts receivable aging report used for in normal business company
4. What data will you need to prepare the report?
5. Where will you collect the data you need to prepare the report?
6. If the data are maintained on paper, how will you collect the necessary data?
7. If the data are in machine-readable form, how will you collect the data?
8. What will the report look like; i.e., how will you organize the data collected to create the information needed for auditing?
Please see the attached file.
1. It is a listing of accounts receivable by customer which will agree in total to the amount in the accounts receivable general ledger account. It is arranged in columnar format with the first column being the total owed by the first customer. Normal columns are headed as Total, <30 days, 31-60 days, 61-90 days, and >91 days. The amounts in the total column are sorted by dating of the invoices from the customer. Sample below.
2. The purpose for reviewing the aging report in an ...
The solution provides a comprehensive explanation of the preparation and purpose of an accounts receivable aging report for both the company and for the outside auditors. A sample report has been prepared in Excel.