As part of the audit process we need to check year end...

As part of the audit process we need to check year end trasaction and subsequent transaction for large and unusual postings. This would be one i would imagine. A lot of testing would be required on this.

As part of the Audit in Receivables if there is a large unusual debtor we are required to get confirnmation that there is no dispute of payment from the debtor!!! And in subsequent testing we need to show that the debtors are being received timley. Confirnmation of intention to pay for this large debtor would be required from the Debtor itself in this case.

I have no question at all whether the payment is going to be made. IMO it will be paid eventually. he Auditor would be brain dead to sign off on these accounts. If the debtor does in fact not come in our financial loss as shareholders will be supplimented by a massive law suit to the Auditor!!!!

This is an emotion driven sharemarket. Buy when others are fearful!!!!