ABC

EXPORT SALES RECONCILIATION

FOR THE MONTH OF JULY, 2011

Prepared By: Manzoor

Reviewed By:

AMOUNT
US DOLLARS
2,688,496

Export sales as per sales ledger

W.P REF:

Export sales as per Export department:

Sales in Euros
Sales in US Dollars

432,624

620,813
1,794,242

(2,415,055)
273,441
10.2%

Difference

LOGICAL TEST
Tax paid on exports (1%)
Less:

33,394

Tax paid on Waste sale

Tax paid on Sales Return

622
34,015

Export Sales on the basis of 1% tax paid

3,401,514
(713,018)

Difference
# of Transactions as per ledger
# of Transactions as per Export sales register

56

53
3

Difference
As per Ledger
Other Logical Tests:

# of Vouchers

As per Our Working

Amount

# of Vouchers

Amount

Export Sales

56

2,688,496

68

3,401,514

Witholding Tax (1%)

68

33,394

56

26,885

E.P.Z.A
Devlop.Charges (0.5%)
Less:Tax & Dev.
Charge paid on Sales
return and Wastage
sales
Net Excessive Tax & Dev. Charges paid

16,697

17,008

Difference
(713,018)
6,509
(226)
(622)
5,661

Not recording the exchange Gain/(Loss) is also a reason of difference between Export sales and 1%
* Tax paid on it.

Sheet # 3

GENERAL OBSERVATIONS:
1 Exchange Gain/(Loss):
Net exchange Gain of $ 2,245.3 has been avoided to be posted, the actual vouchers are edited and sales are
recorded according the actual exchange rate (Euro to $).
Due to ignoring the Exchange Gain/(Loss) the commission booked for agents are also overstated.
Invoice #
7714
7716
#REF!
#REF!

Amount
#REF!
#REF!

#REF!

W.P. Ref:
Sheet # 2

Net exchange (Loss) of $ (7,369) has been avoided to be posted, the actual vouchers are edited and sales are
recorded according the actual exchange rate (Euro to $).
Invoice #
7691
7702
7704
7710

Amount
1,071
689

1,760

W.P. Ref:
Sheet # 2

2 Existence:
The following vouchers were posted in the ledgers but vouchers were not in the file which was provided for the
audit.
Invoice #
7710
#REF!
#REF!
#REF!
7700
7692

Amount
71,603
#REF!
#REF!
#REF!
71,076
159,837

W.P. Ref:

Sheet # 2

#REF!
5 Authorization & Supporting Documents:
It was observed that not even a single invoice were supported by Goods declaration or any other supporting
documents even it was required by audit depart from Export and Accounts.
Where as most of the sales invoices were authorized by export manager.

ABC
TEST OF DETAILS EXPORT SALES
FOR THE MONTH OF JULY, 2011

Prepared By: Manzoor

Reviewed By:
Date:

Objective:
To ensure that Export sales recorded in the ledger exists and accurately recorded, as well as the transactions comply with the company
policies.

Checked That:
1 Verified fromTax payment ledger.
2 Goods declaration/other reliable document attached with the Invoice.
3 Entry in the correct party ledger account.
4 Casting, commission exp. and Authorization.
5 Invoice verified from export sales data
Sampling Methodology:
100% Transactions are verified.
Invoice amount
As/Export Dept.
Euro
US Dollars

Checked That
2
3
4

#N/A

43,016.76

(323)

30,761.50

43,681.33

800

14,750.0
74,000.0

#N/A

14,750.08
#N/A

(0.08)
#N/A

#N/A

154,104.7

#N/A

#N/A

#N/A

7703

C&A

46,863.3

32,030.50

45,483.31

1,380

Exchange Gain is not booked instead the voucher is

directly adjusted in back date.

20.07.2011

7702

C&A

47,155.0

32,453.50

46,083.97

1,071

Exchange Gain is not booked instead the voucher is

directly adjusted in back date.

45
46

25.07.2011
25.07.2011

7708
7713

C&A
OXY

133,391.0
7,597.0

92,178.75

131,815.61

1,575
7,597

48

27.07.2011

7682-1

DPAM

153,617.4

105,943.75

153,618.44

(1)

56

30.07.2011

7710

DPAM

71,603.0

49,590.00

70,913.70

S#

Invoice Date

10

04.07.2011

12

#N/A

13

Voucher #

As / Ledger
US Dollars

Invoice #

Customer

7648

DPAM

86,457.7

59,793.00

86,101.92

356

7632-1

#N/A

32,290.7

#N/A

#N/A

06.07.2011

7657

TEDDY SMITH

42,693.4

29,872.75

14

06.07.2011

7659

C&A

44,481.1

18
22

11.07.2011
#N/A

071203

7675
7670

H&M
#N/A

23

#N/A

071503

7682

40

20.07.2011

41

070504

TOTAL

2,688,496.0

TOTAL AS PER LEDGER

% VOUCHED

Invoices not verified

Export Sales Register.
Total Exchange Gain
Total Exchange (Loss)
Overstatement in sales
Net Gain/(Loss)

#DIV/0!

from

71,075.7

432,624

2,414,957

Difference

689

13,468

Remarks
Exchange Gain is not booked instead the voucher is

directly adjusted in back date.

#N/A Invoice not found from Export data

Exchange Loss is not booked instead the voucher is

directly adjusted in back date.
Exchange Gain is not booked instead the voucher is

directly adjusted in back date.

#N/A Invoice not found from Export data

#N/A Invoice not found from Export data

Exchange Gain is not booked instead the voucher is

directly adjusted in back date.
This invoice does not show the amount in export data.
Invoice amount $131,497.38
Exchange Gain is not booked instead the voucher is
directly adjusted in back date.

ABC
Logical Test for Completeness
For the month of July, 2011
Invoice #

7669
7671
7665
7664
7668
7667
7666
7662
7660
7648
7644
7657
7659
7673
7675
7674
7680
7681
7683
7672
7670-1
7682-1
7677
7678
7676
7688
7685
7686
7641
7687
7689
7690
7691
7693
7694
7696
7695-1
7698
7703
7702
7692
7708
7700
7697
7713

As / Ledger

7669
7671
7665
7664
7668
7667
7666
7662
7660
7648
7644
7657
7659
7673
7675
7674
7680
7681
7683
7672
7670-1
7682-1
7677
7678
7676
7688
7685
7686
7641
7687
7689
7690
7691
7693
7694
7696
7695-1
7698
7703
7702
7692
7708
7700
7697
7713

Amount

#REF!

7704
7709
7706
7707
7716
7714
7715
7710

Total
# of Invoices

7704
7709
7706
7707
7716
7714
7715
7710

#REF!

#REF!
0

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

7669
7671
7665
7664
7668
7667
7666
7662
7660
7648
7644
7657
7659
7673
7675
7674
7680
7681
7683
7672
7670-1
7682-1
7677
7678
7676
7688
7685
7686
7641
7687
7689
7690
7691
7693
7694
7696
7695-1
7698
7703
7702
7692
7708

ST MAJOR
ESSEDI (SAMPLE)
H&M
H&M
H&M
H&M
H&M
HAV
CARREFOUR
DPAM
HAV
TEDDY SMITH
C&A
REDSKINS
H&M
H&M
H&M
H&M
HAV
REDSKINS
CAMAIEU
DPAM
H&M

J/F
ZNMC
J&M
J&M
J&M
J&M
J&M
ZNMS
J&M
ZNMS
ZNMS
ZNMS
J&M
ZNMS
J&M
J&M
J&M
J&M
ZNMS
ZNMS
J&M
J&M
J&M

DUBAI
ITALY
POLAND
NORWAY
GERMANY
GERMANY
GERMANY
FRANCE
SPAIN
FRANCE
FRANCE
SPAIN
BELGIUM
FRANCE
CANADA
DENMARK
POLAND
NORWAY
FRANCE
FRANCE
BELGIUM
FRANCE
JAPAN

H&M
H&M
C&A
C&A
C&A
HAV
C&A
H&M
H&M
H&M
H&M
H&M
H&M
H&M
HAV
C&A
C&A
H&M
C&A

J&M
KOREA
J&M
CHINA
ZNMS
GERMANY
ZNMS
BELGIUM
ZNMS
BELGIUM
ZNMS
FRANCE
J&M
BELGIUM
J&M
SWEDEN
J&M SOUTHAMPTON
J&M
GERMANY
J&M
USA
J&M
SPAIN
J&M
DUBAI
J&M
HONG KONG
ZNMS
FRANCE
J&M
BELGIUM
J&M
BELGIUM
J&M
BELGIUM
J&M
BELGIUM

7700

HAV

ZNMS

FRANCE

44
45
46
47
48
49
50
51
52
53
54

7697
7713
7704
7709
7706
7707
7716
7714
7715
7710

H&M
OXY
HAV
C&A
C&A
C&A
C&A
C&A
C&A
DPAM

J&M
J&MC
ZNMS
J/F
J&M
J&M
ZNMS
ZNMS
ZNMS
J&M

GERMANY
South Africa
FRANCE
GERMANY
BELGIUM
GERMANY
NETHERLAND
NETHERLAND
NETHERLAND
FRANCE

Total

SEVALETTE / SILVAGE 6.85 / 7.80

12.13
TIPPER CARGO (327210-1710 (DE/PL)
12.13
TIPPER CARGO (327210-1710 (NO)
12.13
TIPPER CARGO (327210-1710 (HR)
12.13
TIPPER CARGO (327210-1710 (RU)
12.13
TIPPER CARGO (327210-1710 (TR)
SLIMESS (112.08.02.0370) 8.45
8.8
ESCA0052 (I216906)
5.7
SUZYPANT (43243)
ANCRE (112.08.01.0279) 14.7
18.05
PRADEN - 77398
C-ZIP (79419 706 58 501 0-02)11.75
NATHAN (5350)
15
TIPPER (327210-1710) CA 12.13
TIPPER (327210-1710) DK 12.13
TIPPER (143903-1710) PL 12.13
TIPPER (143903-1710) NO 12.13
VOULOIR (112.08.24.1031) 12.5
ELIAN (5350)
15.6
DOLL (53772400)
7.77
STEVCHICPANT (44444) 6.25
TIPPER CARGO (327210-1710) 12.13
JP
TIPPER CARGO (327210-1710) 12.13
KR
TIPPER CARGO (327210-1710) 12.13
CN
DOW112-MVR16 (79419 386 69 502 9.4
0-02)
MGW112-OS10 (79419 486 63 506 0-01)
4.95
DOW112-MVR12 (79419 386 63 5035.35
0-01)
SLIMESS (112.08.02.0371) 8.45
7.5
CAW112-ED23 (79419 483 12 506 0-01)
TIPPER CARGO (327210-1710) 12.13
SE
TIPPER CARGO (327210-1710) 12.13
GB
TIPPER CARGO (327210-1710) 12.13
CH
TIPPER CARGO (327210-1710) 12.13
US
TIPPER CARGO (327210-1710) 12.13
ES
TIPPER CARGO (327210-1710) ME
12.13
TIPPER CARGO (327210-1710) 12.13
HK
PROJET (112.08.24.1026) 8.1
C.ZIP THERMO (79419 706 58 50111.75
0-03)
C.ZIP THERMO (79419 706 58 50111.75
0-04)
TIPPER (327210-1710) BE 12.13
C-ZIP (79419 706 58 502 0-03 / 0411.75
/ 05)
BELTY (112.08.01.0628) 15.1

SEA
AIR
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
AIR
SEA
SEA
SEA
SEA
SEA
AIR
AIR
AIR
SEA
SEA
SEA
AIR
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
SEA
AIR
SEA
SEA
SEA
SEA
SEA

02.07.2011
02.07.2011
04.07.2011
04.07.2011
04.07.2011
04.07.2011
04.07.2011
04.07.2011
04.07.2011
04.07.2011
05.07.2011
06.07.2011
06.07.2011
07.07.2011
11.07.2011
11.07.2011
11.07.2011
11.07.2011
11.07.2011
11.07.2011
25.07.2011
27.07.2011
15.07.2011
15.07.2011
15.07.2011
16.07.2011
16.07.2011
16.07.2011
16.07.2011
18.07.2011
18.07.2011
18.07.2011
18.07.2011
18.07.2011
18.07.2011
18.07.2011
19.07.2011
19.07.2011
20.07.2011
20.07.2011
22.07.2011
25.07.2011

1,081
1,113
4,942
1,629
316
774
194
684
5,040
10,490
4,816
1,655
2618
3150
1216
1430
12488
520
1000
802
8000
16951
287
86
1428
2086
4008
1807
1456
2851
2859
3470
3617
5725
3678
636
304
2329
2726
2762
13177
7845

SEA

25.07.2011

4,707

59,793.00
29,872.75
30,761.50

105,943.75

32,030.50
32,453.50
92,178.75

TIPPER CARGO (327210-1710) 12.13

DE
STOCK MR SAMAD
PLAN (112.08.24.1027)
10.2
DOW112-MVR11 (79419 386 62 5017.25
0-04)
CAW112-ED-22 (79419 483 12 508 0-01)
7.5
CAW112-ED22 (79419 483 12 508 0-02)
7.5
EG12 (79419 356 01 513 0-02 / 515 0-02)
9
EG12 (79419 356 01 513 0-01) 9
EG12 (79419 356 01 515 0-01) 9
44582 (RAINPANT)
5.7

Total

SEA
SEA
SEA
AIR
SEA
AIR
SEA
SEA
SEA
SEA

25.07.2011
25.07.2011
28.07.2011
28.07.2011
29.07.2011
29.07.2011
30.07.2011
30.07.2011
30.07.2011
30.07.2011

20800
13704
8976
2100
12717
2720
400
8277
8128
8700

235,275

49,590.00

432,623.75

7,930.20
19,162.15
59,946.46
19,759.77
3,833.08
9,388.62
2,353.22
5,779.80
44,352.00
70,795.20

47250
14750.08
17345.9
151479.44
6307.6
12500
12511.2
62160
3481.31
1043.18
17321.64
19608.4
19839.6
9667.45
12303.2
21382.5
34679.67
42091.1
43874.21
69444.25
44614.14
7714.68
3687.52
18864.9

159837.01
71,075.70

252304
91555.2
15225
95377.5
20400
3600
74493
73152

1,794,241.88