Focusing Procedures for Testing Existence and Valuation will explain tips and best practice techniques for auditing common accounts receivable risks, primarily focusing on existence and valuation. Accounts receivable tends to carry higher risk of material misstatement due to the complexity and subjectivity involved with initial recognition, subsequent measurement, and valuation. In addition, revenue recognition is presumed to be a significant fraud risk. Note: This course is recommended as a part of a 16-hour audit skills curriculum for experienced staff auditors, while it is also appropriate for anyone who has responsibilities for auditing accounts receivable. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
Upon completion of this course, you will be able to...
Identify typical audit risks and special audit considerations related to accounts receivable
Recall how to tailor a detailed audit plan to assessed risk of material misstatement
Evaluate external confirmation responses for propriety
Evaluate allowance for doubtful accounts for proper valuation
Major Topics
The major topics covered in this course include:
Typical risks of material misstatement related to accounts receivable
Practice tailoring the detailed audit plan to the assessed risk of material misstatement
Overview of more complex issues, such as methods for converting accounts receivable to cash
External confirmation audit considerations, including evaluating responses for propriety
Evaluating the valuation of accounts receivable
CPE Credits Available
2 CPE
2
Auditing
Things to Know About This Course
Course Level
Basic
Professional Area of Focus
Accounting & Auditing
Prerequisites
None
Advanced Preparation
This webinar is produced by CPA Crossings. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.
Intended Audience
Accountants with responsibilities for auditing accounts receivable
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