DESCRIPTION
This module provides an introduction to the financial statement assertions relevant when auditing accounts payable and the audit procedures commonly performed. Through an interactive case study, this module will familiarize participants with client-provided data, including the cash disbursement listing, trade AP listing, and invoice packages. During the case study, the participants will select items for testing from the cash disbursement listing and request the invoice packages from their “client” (as role-played by the instructor). The module will also introduce audit data analytics, allowing participants to see opportunities to apply analytical vigilance and ADA’s to address risk.
LEARNING OBJECTIVES
- List risks of material misstatement relevant at the assertion level when auditing accounts payable
- Describe audit procedures commonly performed when auditing accounts payable, including the search for unrecorded liabilities and other cutoff testing procedures
- Use audit data analytics to perform targeted analysis of identified risks
- Identify opportunities to leverage technology to complete audit procedures with increased precision and efficiency
