Applying Basic Skills to the Starting Point of Any Audit demonstrates how the approach to auditing different cash accounts may vary and how to strengthen inquiry which is an important audit procedure in this area. Cash tends to be one of the first areas assigned to new auditors, as there is typically little complexity and subjectivity involved. In addition, persuasive audit evidence from a third-party is generally available. However, research shows that around 80% of asset misappropriation relates to cash. Therefore, the audit of accounts and classes of disclosures related to cash and cash equivalents does tend to carry some level of risk of material misstatement. Note: This course is recommended as a part of a 16-hour audit skills curriculum for beginning auditors, while it is also appropriate for anyone who has responsibilities for auditing cash and cash equivalents. 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 designing and performing standard audit procedures related to cash and cash equivalents
Recognize typical presentation and disclosure issues related to cash
Recall how to evaluate audit evidence associated with this typically starting audit area, including evidence obtained through inquiry
Major Topics
The major topics covered in this course include:
Typical audit risks and special considerations related to cash and cash equivalents
Designing a detailed audit plan, linking assessed risk to planned procedures
Performing typical audit procedures associated with auditing cash and cash equivalents
Case study related to auditing cash and cash equivalents, including identifying and evaluating a misappropriation of cash
Identifying how to obtain evidence through inquiry of the client
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
Professionals requiring fundamental guidance in how to design and perform a detailed audit plan for a less-complex audit area
.png){kind=logo}
