Step for revenue recognition - IND AS 115, how you book revenue in case of returnable policy goods, How you would check AR, Explain AR checking at year end, Audit Opinion , Component of Audit Risk.

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Answering questions on revenue recognition, AR checking, and audit opinion.

For returnable policy goods, revenue is recognized only when the customer confirms acceptance of the goods.
AR checking involves verifying the accuracy of the accounts receivable balance by reviewing invoices, payments, and credit memos.
At year end, AR checking involves confirming outstanding balances with customers and assessing the collectability of any doubtful accounts.
Audit opinion is the conclusion reached by the auditor after conducting an audit, which can be unqualified, qualified, adverse, or disclaimer.
Components of audit risk include inherent risk, control risk, and detection risk, which are assessed to determine the level of audit procedures required.

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Step for revenue recognition - IND AS 115, how you book revenue in case of returnable policy goods, How you would check AR, Explain AR checking at year end, Audit Opinion , Component of Audit Risk.

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