DESCRIPTION
This module provides an introduction to the financial statement assertions relevant when auditing cash and the audit procedures commonly performed, including testing bank reconciliations. Through an interactive case study, participants practice workpaper documentation and understanding the information provided by the client. At various times throughout the case study, the instructor will play the role of the in-charge and of the client, providing participants the opportunity to practice asking questions and following up with supervisors and client contacts.
LEARNING OBJECTIVES
- List risks of material misstatement relevant at the assertion level when auditing cash
- Describe audit procedures commonly performed when auditing cash
- Use documentation techniques to comply with professional standards to appropriately document the work performed