DESCRIPTION
This module provides an introduction to the financial statement assertions relevant when auditing accounts receivable and the audit procedures commonly performed, including confirmations and subsequent cash receipts testing. Through an interactive case study, participants practice workpaper documentation, evaluating confirmation responses, and understanding 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 of supervisors and requesting additional documentation and information from client contacts.
LEARNING OBJECTIVES
- List risks of material misstatement relevant at the assertion level when auditing accounts receivable
- Describe audit procedures commonly performed when auditing accounts receivable, including confirmation and subsequent cash receipt testing
- Use documentation techniques to comply with professional standards to appropriately document the work performed
